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