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 [SUNREIT (5176) 双威产托 SUNWAY REAL ESTATE INVESTMENT TRUST:每平方英尺平均租金的提高推动了营业额租金的提高]

零售部门:
截至2019年12月31日(2Q2020)的本季度,零售部门录得总收入1.067亿令吉,比去年同期(2019年第二季度)增长1.3%或140万令吉,主要由双威金字塔购物中心和双威普特拉购物中心所贡献。

双威金字塔购物广场在2Q2020录得总收入微升40万令吉,这主要是由于本季度每平方英尺平均租金的提高推动了营业额租金的提高。相较于2019年第二季度,双威普特拉购物中心的总收入在本季度也增加了110万令吉。 2020年第二季度的零售部门净产业收入为7400万令吉,较2019年第二季度减少2.6%或200万令吉。

酒店部门:
酒店部门的总收入为2260万令吉,较2019年第二季度增加28%或490万令吉,整体平均入住率提高到74%(2019年第二季度:69%)。双威市的这些酒店(Sunway Resort Hotel & Spa, Sunway Pyramid Hotel和Sunway Clio Property)在本季度贡献了1760万令吉的总收入,增幅为510万令吉,主要是由于恢复了运营Sunway Resort Hotel & Spa的大宴会厅和会议室(已于2018年7月至2018年11月进行了翻新工程),并于本季度确认了Sunway Clio Property的收入保证准备金。 2020年第二季度的酒店部门净产业收入为2100万令吉,较2019年第二季度增长32%或510万令吉。

办公部门:
2020年第二季度,办公室部门的总收入为1,040万令吉,较2019年第二季度增加了10.7%或100万令吉,这主要归功于所有办公室物业的业绩改善。 Menara Sunway,Sunway Putra Tower和Sunway Tower的总收入分别增加了30万令吉,这是由于新办公楼启用后平均入住率提高了,和续约的租金率更高。 2020年第2季度办公室部门的净产业收入为540万令吉,比去年同期增长6.1%或30万令吉。

服务部门:
服务部门本季度的总收入和净产业收入从2019年第二季度的580万令吉增到1,460万令吉,这主要是由于2019年4月15日完成收购后,双威大学和学院校园新贡献了860万令吉。双威医疗中心为2020年第2季度的总收入和净产业收入贡献600万令吉,与根据总租赁协议进行的租金调升一致,增长3.5%。

工业及其他领域:
Sunway REIT Industrial - Shah Alam 1的贡献为150万令吉,增长10%,这是由于根据主租赁协议进行的租金提高。

本季度利润:
2020年第二季度的利息收入略微增加了20万令吉,这主要是由于与2019年第二季度相比,金融机构的存款增加了。 2020年第二季度的净利润为7,720万令吉(2019年第二季度:6,640万令吉),主要包括已实现的利润。 2020年第2季度的已实现利润增加了1,080万令吉,与NPI为1,240万令吉的较高水平一致。

YTD20 vs YTD19:
零售部门:
零售部门在截至2019年12月31日的财政年度(YTD 2Q2020)录得毛收入2.123亿令吉,较上一年同期的相应财政年度(YTD 2Q2019)增长0.9%或200万令吉,因有Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall和Sunway Putra Mall的贡献。YTD 2Q2020的零售部门净产业收入为1.493亿令吉,较YTD 2Q2019减少2.8%或440万令吉。

酒店部门:
该酒店部门录得YTD 2Q2020的总收入为4,620万令吉,增长15.0%或600万令吉,主要来自Sunway Resort Hotel & Spa, Sunway Pyramid Hotel和Sunway Putra Hotel。 Sunway City的酒店集团(Sunway Resort Hotel&Spa,Sunway Pyramid Hotel和Sunway Clio Property)在YTD 2Q2020贡献了3,610万令吉的总收入,而在YTD 2Q2019则为2,950万令吉,主要是由于去年的收入中断(双威度假酒店及水疗中心于去年同期对大宴会厅和会议室进行了翻新)。双威普特拉酒店的总收入增加了10万令吉,主要是由于平均入住率提高。总体而言,YTD 2Q2020的酒店部门净产业收入为4,310万令吉,增长18.1%或660万令吉。

办公部门:
YTD 2Q2020,办公部门的总收入为2,050万令吉,较YTD 2Q2019增长了11.1%或200万令吉,主要是由于所有办公物业的业绩改善,新租户的启用以及更高租金的续约率和现有租户的扩展。YTD 2Q2020的办公部门净产业收入为1,110万令吉,较上年同期高,增长了8.5%或90万令吉。

服务部门:
由于双威大学和学院校园的贡献为1,720万令吉,服务部门的总收入和净产业收入在本财政期间从YTD 2Q2019的1,150万令吉增至2,910万令吉。双威医疗中心在YTD 2Q2020总收入和净产业收入贡献了1190万令吉,较YTD 2Q2019增长3.5%。

工业及其他领域:
Sunway REIT Industrial-Shah Alam 1在YTD 2Q2020的总收入和净产业收入贡献了310万令吉,较YTD 2Q2019增长10.0%。

期间利润:
YTD 2Q2020的净利润为1.56亿令吉(YTD 2Q2019:1.395亿令吉),主要包括已实现的利润。实现的利润增加了1650万令吉。

前景:
在新兴经济体强劲的增长以及全球同步宽松的货币政策的支持下,预计2020年全球经济将站稳脚跟。尽管美国和中国已开始努力缓解贸易战紧张局势,但有迹象表明,未来关税制度将进一步抬高,这可能会压低两个巨型经济体之间的贸易。

马来西亚政府对冠状病毒的爆发及其对经济的影响进行了评估后,马来西亚政府对2020财年的增长预测保持在4.8%,将重新评估这一增长前景,并将在2020年3月发布的2019年国行年度报告中宣布。

国行采取了先发制人的措施,并于2020年1月22日将隔夜政策利率(OPR)调低至2.75%,并指出宽松的货币政策是为了确保在价格稳定的情况下改善增长轨迹。早在2019年11月,国行还将法定存款准备金率(SRR)从3.50%降低至3.00%,以保持国内金融的足够流动性系统。管理人预计本财政年度的货币政策将保持宽松。

冠状病毒爆发后,经济部目前正在为旅游,零售和航空业制定刺激方案。政府还考虑与行业利益相关者接触,以推出刺激计划。管理人预计,收购双威大学和大学校园的全年收入贡献,各行业的稳定贡献以及有利的利率环境将为2020财年的DPU提供支持。

零售市场回顾:
马来西亚零售集团(RGM)将2019年的零售额增长预测从先前的4.4%修订为3.7%,并预测2020年继续增长至4.6%。在当今的背景下,零售购物中心已成为社交和生活方式的目的地,其范围已从“购物”扩展到更多。零售购物中心运营商继续将零售空间改造为社区的多功能空间,纳入更多的食品和饮料(F&B),娱乐功能以及最新的共享办公空间和合作空间。马来西亚继续增加了国际知名品牌,包括阿迪达斯超级市场,Ben&Jerry冰淇淋,Off White,Lululemon,Gucci Beauty,Beauty in The Pot等首家商店。管理人正在进行租户组合的重新配置,其中包括对数个租户进行装修,作为增强租户活动的一部分,以确保在动态的零售市场环境中业务的可持续性。

酒店市场回顾:
2019年9个月的游客人数同比增长3.7%至2012万人,游客支出同比增长6.9%至661.4亿令吉。增长的主要动力来自印度尼西亚(+ 14.5%),中国(+ 5.7%),印度(+ 23.2%),韩国(+ 9.7%)和沙特阿拉伯(+ 11.1%)的入境游客。结合Visit Malaysia 2020(VM2020),旅游部将2020年的游客人数目标维持在3000万(2019年为2810万)。旅馆运营商正在研究战略收入管理和成本控制,以提高盈利能力。

写字楼市场回顾:
他们观察到,办公市场具有有趣的多方面市场动态,并呈现出机会。马来西亚在《世界银行2020年营商环境报告》中的排名不断提高(从第15位提高到第12位)。这些大型项目的发展绝对有利于提升马来西亚提供高档办公楼的形象。由于可承受的租金以及在马来西亚经商的总体成本,这可能反过来吸引跨国公司(MNC)进入我国。

面向交通发展(TOD)的办公物业的开发由于其提供的连接性和便利性而有望受到好评。与此类似,位于城市,市场占有率高且业务协同效应强的办公物业预计将会不错。

此外,decentralization,共同工作以及将较旧的办公楼转换为其他用途是不断发展的趋势,以推动马来西亚对办公空间的需求。双威产托预计其投资组合中的办公楼业务在2020财年将略有改善,这主要归因于低的定价策略导致上一个财政年度开始的租约占用率提高。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.53 (dividend RM0.025) in 1 year 6 months 2 days, total return is 257.3%

b) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.46 in 1 year 25 days, total return is 153.9%

c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.91 (dividend RM0.04) in 1 year 7 months 13 days, total return is 145.3%

d) PRLEXUS (PROLEXUS BHD), recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.81 in 5 months 20 days, total return is 78%

e) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM2.96 (adjusted)(dividend RM0.01) in 8 months 12 days, total return is 77.8%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.40 (dividends RM0.113) in 1 Year 4 months 7 days, total return is 58.1%

g) TSH (TSH RESOURCES BHD), recommended on 30 Jun 19, initial price was RM0.90, rose to RM1.37 in 7 months 15 days, total return is 52.2%

h) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.15 (dividend RM0.015) in 1 Year 1 month 29 days, total return is 45.6%

i) SERBADK (SERBA DINAMIK HOLDINGS BHD), recommended on 29 Jul 18, initial price was RM3.96, rose to RM5.35 (adjusted) (dividend RM0.13431) in 1 Year 6 months 16 days, total return is 38.5%

j) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.63 (dividend RM0.105) in 1 Year 2 months 27 days, total return is 36.6%

我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过jamesngshare@gmail.com 或我的FB页面与我联系。

1)【看懂年报和季报】课程:
11a.m. – 7p.m.,免费茶和咖啡

3月21日星期六:Silka Johor Bahru Hotel, Johor Bahru 7份点心

3月29日星期日:Hotel Sri Petaling, KL 3份点心

4月19日星期日:AG Hotel Penang, George Town 2份点心

2)【股票-实际操作班】课程:
10a.m. – 9p.m.,免费午餐和晚餐

3月22日星期日:Silka Johor Bahru Hotel, Johor Bahru

3月28日星期六:Hotel Sri Petaling, KL

4月18日星期六:AG Hotel Penang, George Town

有兴趣的朋友,可以电邮或PM FB page联络我
email:jamesngshare@gmail.com
电话/Whatsapp : 011 - 15852043

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest

这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。

James Ng
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[SUNWAY REAL ESTATE INVESTMENT TRUST: higher average gross rent per sq. ft. contributed by better turnover rent]

Retail segment:
The retail segment recorded gross revenue of RM106.7 million for the current quarter ended 31 December 2019 (2Q2020), an increase of 1.3% or RM1.4 million compared to the preceding year corresponding quarter (2Q2019), mainly contributed by Sunway Pyramid Shopping Mall and Sunway Putra Mall.

Sunway Pyramid Shopping Mall registered marginally higher gross revenue by RM0.4 million for 2Q2020 mainly due to higher average gross rent per sq. ft. contributed by better turnover rent in the current quarter. Gross revenue for Sunway Putra Mall was similarly higher in the current quarter by RM1.1 million compared to 2Q2019. Net property income of the retail segment for 2Q2020 was RM74.0 million, lower by 2.6% or RM2.0 million compared to 2Q2019.

Hotel segment:
The hotel segment registered gross revenue of RM22.6 million, higher by 28% or RM4.9 million compared to 2Q2019, with an improved overall average occupancy of 74% (2Q2019: 69%). The cluster hotels in Sunway City (Sunway Resort Hotel & Spa, Sunway Pyramid Hotel and Sunway Clio Property) contributed gross revenue of RM17.6 million in the current quarter, higher by RM5.1 million, mainly due to the resumption of operation of the Grand Ballroom and Meeting Rooms in Sunway Resort Hotel & Spa which was closed for refurbishment from July 2018 up to November 2018 as well as provision for income guarantee recognised in the current quarter for Sunway Clio Property. Net property income of the hotel segment for 2Q2020 was RM21.0 million, higher by 32% or RM5.1 million as compared to 2Q2019.

Office segment:
The office segment recorded gross revenue of RM10.4 million for 2Q2020, an increase of 10.7% or RM1.0 million compared to 2Q2019, mainly contributed by improved performance from all office properties. Menara Sunway, Sunway Putra Tower and Sunway Tower registered higher gross revenue by RM0.3 million respectively, on the back of higher average occupancy following commencement of new tenancies and renewal at higher rates. Net property income of the office segment in 2Q2020 was RM5.4 million, higher by 6.1% or RM0.3 million compared to the preceding year corresponding quarter.

Services segment:
The services segment recorded gross revenue and net property income of RM14.6 million in the current quarter from RM5.8 million in 2Q2019, mainly due to new contribution of RM8.6 million from Sunway university & college campus post completion of acquisition on 15 April 2019. Sunway Medical Centre contributed RM6.0 million to gross revenue and net property income for 2Q2020, an increase of 3.5% in line with the rental reversion in accordance with the master lease agreement.

Industrial & Others segment:
Contribution from Sunway REIT Industrial - Shah Alam 1 was RM1.5 million in the current quarter, an increase of 10%, due to rental reversion in accordance with the master lease agreement.

Profit for the quarter:
Interest income for 2Q2020 was marginally higher by RM0.2 million mainly due to higher deposits with financial institutions compared to 2Q2019. Net profit for 2Q2020 was RM77.2 million (2Q2019: RM66.4 million) mainly comprised of realised profit. Realised profit for 2Q2020 was higher by RM10.8 million in line with higher NPI of RM12.4 million.

YTD20 vs YTD19:
Retail segment:
The retail segment recorded gross revenue of RM212.3 million for the financial period ended 31 December 2019 (YTD 2Q2020), an increase of 0.9% or RM2.0 million compared to the preceding year cumulative corresponding financial period (YTD 2Q2019), contributed by Sunway Pyramid Shopping Mall, Sunway Carnival Shopping Mall and Sunway Putra Mall. Net property income of the retail segment for YTD 2Q2020 was RM149.3 million, a decrease of 2.8% or RM4.4 million compared to YTD 2Q2019.

Hotel segment:
The hotel segment recorded YTD 2Q2020 gross revenue of RM46.2 million, higher by 15.0% or RM6.0 million, mainly contributed by Sunway Resort Hotel & Spa, Sunway Pyramid Hotel and Sunway Putra Hotel. The cluster hotels in Sunway City (Sunway Resort Hotel & Spa, Sunway Pyramid Hotel and Sunway Clio Property) contributed gross revenue of RM36.1 million for YTD 2Q2020, compared to RM29.5 million for YTD 2Q2019, mainly due to disruption of income in Sunway Resort Hotel & Spa from the refurbishment of Grand Ballroom and Meeting Rooms during the same period last year. Gross revenue for Sunway Putra Hotel was higher by RM0.1 million primarily due to improved average occupancy rate. In overall, net property income of the hotel segment for YTD 2Q2020 was at RM43.1 million, higher by 18.1% or RM6.6 million.

Office segment:
The office segment recorded gross revenue of RM20.5 million for YTD 2Q2020, an increase of 11.1% or RM2.0 million compared to YTD 2Q2019, mainly contributed by improved performance from all office properties, with commencement of new tenants, renewal at higher rental rate and expansion from existing tenant. Net property income of the office segment for YTD 2Q2020 was RM11.1 million, higher
by 8.5% or RM0.9 million.

Services segment:
The gross revenue and net property income in services segment increased to RM29.1 million in the current financial period from RM11.5 million in YTD 2Q2019, due to contribution from Sunway university & college campus of RM17.2 million. Sunway Medical Centre contributed RM11.9 million to gross revenue and net property income for YTD 2Q2020, an increase of 3.5% compared to YTD 2Q2019.

Industrial and Others segment:
Sunway REIT Industrial - Shah Alam 1 contributed RM3.1 million to gross revenue and net property income for YTD 2Q2020, an increase of 10.0% compared to YTD 2Q2019.

Profit for the period:
Net profit for YTD 2Q2020 was RM156.0 million (YTD 2Q2019: RM139.5 million) mainly comprised of realised profit. Realised profit was higher by RM16.5 million.

Prospects:
Global economy is expected to be on firmer footing in CY2020, supported by stronger growth from emerging economies and synchronized accommodative monetary policy globally. Whilst the United States and China have begun efforts to ease the trade war tension, indication is pointing towards higher tariff regime going forward which may potentially weigh down trades between the two giant economies.

The Malaysian Government maintained a growth projection of 4.8% for CY2020, this growth prospect will be reassessed and to be announced in the upcoming BNM’s Annual Report 2019 to be published in March 2020, following the evaluation on the coronavirus outbreak and its impact on the economy.

The BNM has taken a pre-emptive measure and trimmed the Overnight Policy Rate (OPR) to 2.75% on 22 January 2020, cited that the easing of the monetary policy was to ensure improving growth trajectory amid price stability. Back in November 2019, the BNM has also lowered the Statutory Reserve Requirement (SRR) ratio from 3.50% to 3.00% to maintain sufficient liquidity in the domestic financial system. The Manager expects the monetary policy to remain accommodative in this financial year.

The Ministry of Economic Affairs is currently crafting a stimulus package for the tourism, retail and aviation industries following the coronavirus outbreak. The Government may also consider stimulus packages for the hospitality pending engagement with industry stakeholders. The Manager expects DPU for FY2020 to be supported by full year income contribution from acquisition of Sunway university & college campus, stable contribution from all sectors and favorable interest rate environment.

Review of retail market:
The Retail Group Malaysia (RGM) revised the retail sales growth projection to 3.7% for CY2019, from earlier projection of 4.4%, and with an onward pick-up in growth to 4.6% in CY2020. In today’s context, retail malls is a social and lifestyle destination where it has expanded beyond “shopping”. Retail mall operators continue to reinvent retail space into multi-functional space for the community, incorporating higher contents of food and beverages (F&B), entertainment with latest inclusion of co-working and co-making space. Malaysia continued to attract international brands with the latest addition of the maiden stores of Adidas Superstore, Ben & Jerry ice-cream, Off White, Lululemon, Gucci Beauty, Beauty in The Pot, amongst others. The Manager is undertaking tenancy mix re-configuration which involves fit-out for several tenants as part of tenancy profile enhancement exercise to ensure the sustainability of the retail business amidst the dynamic retail market landscape.

Review of hotel market:
Tourist arrivals for the 9M CY2019 rose by 3.7% y-o-y to 20.12 million with a corresponding increase of tourist expenditure of 6.9% y-o-y to RM66.14 billion. Growth were mainly driven by higher arrivals from Indonesia (+14.5%), China (+5.7%), India (+23.2%), South Korea (+9.7%) and Saudi Arabia (+11.1%). In conjunction with Visit Malaysia 2020 (VM2020), the Ministry maintained a 30.0 million tourist arrivals target for CY2020 (28.1 m for CY2019). The hotel operator is looking into strategic revenue management and cost containment to enhance profitability.

Review of office market:
They observe that office market has interesting multi-faceted market dynamics and present selective pockets of opportunities. Malaysia continues to improve in its ranking (improve from 15th to 12th) in the World Bank Doing Business 2020 report. The development of these mega projects is definitely good to enhance the profile of Malaysia in offering higher grade office buildings. This may in turn attract multinationals (MNCs) into the country due to the affordable rentals as well as overall cost of doing business in Malaysia.

Development of offices properties in transit oriented development (TOD) is expected to be well received due to the connectivity and convenience that the development offers. In a similar light, office properties located in integrated townships / development with captive market and strong business synergies are expected to be resilient.

In addition, decentralization, co-working and conversion of older office buildings into other use are ongoing trends to drive demand for office space in Malaysia. The Manager expects the office segment within their portfolio to improve marginally in FY2020, largely attributable to higher occupancy of tenancies which commenced in the preceding financial year due to competitive pricing strategy.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.

This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.

James Ng

https://klse.i3investor.com/blogs/general/2020-02-15-story-h1483822278.jsp
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