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Axreit (5106.KLSE) 发布了3Q2020季度报告,财务数据如下,对比2019年同季度:

    Revenue上升6.1%,3Q2020为RM57.2mil,3Q2019为RM53.9mil
    Net property income上升4.97%,3Q2020为RM50.3mil,3Q2019为RM47.9mil
    Distribution per unit下滑4.25%,3Q2020为2.25cent(RM) per unit,3Q2019为2.35cent(RM) per unit

Axreit宣布派息2.25cent(RM)per unit,Ex-date 04 Nov 2020,payment date 30 Nov 2020。

Revenue的上升来自于2020年完成了数项收购,分别为Axis Facility @ Batu Kawan,Axis Facility 2 @ Nilai, Negeri Sembilan,Axis Facility 2 @ Bukit Raja, Klang,D37c Logistics Warehouse, PTP Johor。

这季度的occupancy rate为92.7%,相比起上个季度2Q2020的92.3%,有所增长。同时,axreit的borrowing cost再次下滑,从2Q2020的3.83%下滑至目前的3.7%

最终在revenue上升,borrowing cost下滑下,DPU上升至2.25cent(RM)per unit,上季度的DPU为2.15cent(RM)per unit,值得注意的是,2Q2020以及3Q2020,Axreit的payout ratio都是100%,未来完成其他产业收购后,可能会调低payout ratio。

再次强调,Axreit revenue上升,可是DPU下滑的原因是新购入的产业以private placement筹集资金,可是这只是短期的短板,Distributation per unit会在完成产业收购后反弹。

近来Axreit的产业收购不断,目前尚未完成的收购为:

    RM20.5mil Bayan Lepas Industrial Facility 1, Penang
    RM11.87mil manufacturing facilities located in Shah Alam, Selangor
    RM95mil One Total Logistics Warehouse, Seksyen 15, Shah Alam
    RM6.68mil Manufacturing Facility 1, iPark @ Indahpura
    RM12.98mil Manufacturing Facility 3, iPark @ Indahpura
    RM8.54mil Manufacturing Facility 2, iPark @ Indahpura

令我不解的是,上季度要收购的两间产业,突然在本季度报告中消失了,是取消收购了吗?两间产业分别是:

    RM60mil manufacturing facility located in Kota Kinabalu, Sabah
    RM25.5mil manufacturing facility located in Johor Bahru, Johor

先别管这消失的两间产业了,若上面确定要收购的产业都在4Q2020完成收购的话,总投入的资金为RM155.6mil,以Axreit的平均Revenue yield 7.26%计算,预计带来一年RM6.3mil的distributable income,相等于一季度增加1.57mil的distributable income。减去一次性的acquisition fee RM1.55mil,下季度的股息基本上保持在2.25cent (RM)per unit.

可是来到1Q2021,撇除了一次性的acquisition fee后,预计1Q2021股息可达2.35cent(RM)per unit。

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https://klse.i3investor.com/blogs/malaysiareit/2020-10-23-story-h1534798299-Axreit_3Q2020_Quarter_Report_Analysis.jsp

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