not vested
IGB REIT Q2 earnings up 15.3% on higher rental income
July 24, 2014 MYT
KUALA LUMPUR: IGB REIT saw its earnings in the second quarter ended June 30, 2014 rise 15.3% to RM58.5mil from RM50.7mil in the same quarter a year earlier, as revenue climbed 7.9% to RM115.5mil from RM107mil.
IGB said the higher revenue was mainly down to higher rental income.
Earnings per share improved to 1.71 sen from 1.49 sen, and IGB declared a dividend of 3.89 sen per share compared to 3.43 sen previously.
This amounts to a payout of RM134.2mil, and would be distributed on Aug 29, 2014.
Year-to-date, earnings totalled RM116.2mil – up 16.2% from the RM100mil posted in the corresponding two quarters of the previous year.
Revenue improved 10.1% to RM229.6mil from RM208.4mil
Source: The Star
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IGB Reit (Mid-Valley & Gardens)
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IGB Reit (Mid-Valley & Gardens)
by winston » Tue Sep 02, 2014 11:37 am
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Re: IGB Reit
by winston » Tue Sep 02, 2014 11:41 am
not vested
Affin Research maintains Buy on IGB Reit
May 2, 2014
KUALA LUMPUR: Affin Research has maintained its Buy call on IGB Reit with an unchanged price target of RM1.34, it said on Friday.
“Year-to-date, IGB Reit has underperformed the other pure retail M-REITs such as CMMT and Pavilion REIT possibly on concerns that a moderation in consumer spending will hit its portfolio’s net property income negatively.
In our view, IGB Reit’s tenancy structure has hedged IGB Reit against the risk of recession, and hence its asset portfolio we believe that its asset portfolio will continue generating a sustainable stream of DPU growth,” it said.
Affin said the operating outlook in FY14 remains challenging as IGB Reit may have to cope with uncertainties given higher operating costs against a backdrop of potentially weaker retail sales.
However, it believes the group’s key strengths lie in stable occupancy rates, strong visitor and retailer attraction yield-accretive AEI.
Source: The Star
Affin Research maintains Buy on IGB Reit
May 2, 2014
KUALA LUMPUR: Affin Research has maintained its Buy call on IGB Reit with an unchanged price target of RM1.34, it said on Friday.
“Year-to-date, IGB Reit has underperformed the other pure retail M-REITs such as CMMT and Pavilion REIT possibly on concerns that a moderation in consumer spending will hit its portfolio’s net property income negatively.
In our view, IGB Reit’s tenancy structure has hedged IGB Reit against the risk of recession, and hence its asset portfolio we believe that its asset portfolio will continue generating a sustainable stream of DPU growth,” it said.
Affin said the operating outlook in FY14 remains challenging as IGB Reit may have to cope with uncertainties given higher operating costs against a backdrop of potentially weaker retail sales.
However, it believes the group’s key strengths lie in stable occupancy rates, strong visitor and retailer attraction yield-accretive AEI.
Source: The Star
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Re: IGB Reit
by winston » Tue Sep 02, 2014 11:45 am
not vested
January 30, 2014
IGB REAL ESTATE INVESTMENT TRUST (REIT)
By Maybank Investment Bank Bhd
Hold (unchanged)
Target price: RM1.24
PROJECTING a 5% year-on-year financial year ending Dec 31, 2014 (FY14) core net profit growth, Maybank Investment Bank Bhd has rated IGB REIT “hold”.
It said the projection was mainly driven by major rental reversions in The Gardens Mall since third quarter 2013. The bank-backed research house forecast FY14 to FY15 earnings plus 1% using discounted cash flow based target price at RM1.24.
It said the REIT’s management expected 2014 to be a challenging year amid rising costs including higher fuel bills, electricity tariffs and assessment fees, while 2015 would see the implementation of the GST and potentially a [b]hike in the overnight policy rate.[/b]
Malaysia’s retail industry recorded a sluggish sales growth of 3.1% year-on-year in third quarter 2013 (versus plus 4.8% in third quarter 2012 and the Retail Group Malaysia’s forecast of +6.5%) despite the Ramadan month and Hari Raya festivity during the quarter.
Turnover rent currently accounts for about 12% to 13% of IGB REIT’s total revenue.
It said while many commercial leases included rent escalation clauses and cost pass-through to tenants, tenant retention remained a top priority and REITs generally might have to absorb part of the additional costs (assessment hikes).
Source: The Star
January 30, 2014
IGB REAL ESTATE INVESTMENT TRUST (REIT)
By Maybank Investment Bank Bhd
Hold (unchanged)
Target price: RM1.24
PROJECTING a 5% year-on-year financial year ending Dec 31, 2014 (FY14) core net profit growth, Maybank Investment Bank Bhd has rated IGB REIT “hold”.
It said the projection was mainly driven by major rental reversions in The Gardens Mall since third quarter 2013. The bank-backed research house forecast FY14 to FY15 earnings plus 1% using discounted cash flow based target price at RM1.24.
It said the REIT’s management expected 2014 to be a challenging year amid rising costs including higher fuel bills, electricity tariffs and assessment fees, while 2015 would see the implementation of the GST and potentially a [b]hike in the overnight policy rate.[/b]
Malaysia’s retail industry recorded a sluggish sales growth of 3.1% year-on-year in third quarter 2013 (versus plus 4.8% in third quarter 2012 and the Retail Group Malaysia’s forecast of +6.5%) despite the Ramadan month and Hari Raya festivity during the quarter.
Turnover rent currently accounts for about 12% to 13% of IGB REIT’s total revenue.
It said while many commercial leases included rent escalation clauses and cost pass-through to tenants, tenant retention remained a top priority and REITs generally might have to absorb part of the additional costs (assessment hikes).
Source: The Star
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Re: IGB Reit
by winston » Fri Oct 31, 2014 8:29 am
IGB REAL ESTATE INVESTMENT TRUST
By Affin Hwang
Add (Downgrade)
Target price: RM1.34
IGB Real Estate Investment Trust (IGB Reit) recorded a financial year ended Sept 30, 2014 (FY14) net profit of RM176.4mil (+14.6% year-on-year) and accounted for 81% of Affin Hwang’s estimate of RM217.6mil and 80% of consensus estimate.
Affin Hwang said IGB Reit’s gross rental income grew by 4.5% year-on-year, driven by tenancy renewals.
“We downgrade our ‘buy’ rating to ‘add’ as upside potential has narrowed. Our dividends discount model-derived 12-month target price of RM1.34 remains unchanged, premised on an 8.2% cost of equity, 6% equity risk premium and a 3% terminal growth rate.
“IGB Reit’s tenancy structure has hedged against the risk of recession, and its asset portfolio should continue to generate a sustainable stream of distribution per unit growth,” it said.
It said it was optimistic on IGB Reit’s outlook based on strong occupancy rates, long tenant waiting list and strong visitor and retailer attraction as well as potential asset injection of Southkey Megamall and 18@Medini after FY16.
Source: The Star
By Affin Hwang
Add (Downgrade)
Target price: RM1.34
IGB Real Estate Investment Trust (IGB Reit) recorded a financial year ended Sept 30, 2014 (FY14) net profit of RM176.4mil (+14.6% year-on-year) and accounted for 81% of Affin Hwang’s estimate of RM217.6mil and 80% of consensus estimate.
Affin Hwang said IGB Reit’s gross rental income grew by 4.5% year-on-year, driven by tenancy renewals.
“We downgrade our ‘buy’ rating to ‘add’ as upside potential has narrowed. Our dividends discount model-derived 12-month target price of RM1.34 remains unchanged, premised on an 8.2% cost of equity, 6% equity risk premium and a 3% terminal growth rate.
“IGB Reit’s tenancy structure has hedged against the risk of recession, and its asset portfolio should continue to generate a sustainable stream of distribution per unit growth,” it said.
It said it was optimistic on IGB Reit’s outlook based on strong occupancy rates, long tenant waiting list and strong visitor and retailer attraction as well as potential asset injection of Southkey Megamall and 18@Medini after FY16.
Source: The Star
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Re: IGB Reit
by winston » Wed Jan 28, 2015 4:57 am
not vested
IGB REIT FY14 earnings at RM317.62mil
KUALA LUMPUR: IGB Real Estate Investment Trust (IGB REIT) posted earnings of RM317.62mil in the financial year ended Dec 31, 2014, up 1.8% from the RM311.94mil in FY 13, mainly due to higher total rental income.
It said on Tuesday gross revenue rose 7.2% was RM461.76 million, up 7.2% from RM430.72mil a year ago.
“Net property income was RM312.6mil or up 9.4% compared with the corresponding period-to-date in 2013 of RM285.7mil,” it said.
IGB REIT said distributable income amounted to RM268.8mil or 7.79 sen per unit, consisting of realised profit of RM232.6mil and the non-cash adjustment arising mainly from manager fee payable in units of RM30.7mil.
For the fourth quarter ended Dec 31, 2014, its earnings were RM56.24mil compared with RM158.08mil a year ago.
For the current quarter, IGB REIT’s gross revenue was RM119.6mil, up 4.6% from the RM114.3mil a year ago.
Net property income increased by 5.5% to RM76.4mil from RM72.4mil mainly due to higher total rental income in the current quarter.
The distributable income for the current quarter amounted to RM65.3mil or 1.89 sen per unit, consisting of realised profit of RM56.2mil and the non-cash adjustment arising mainly from manager fee payable in units of RM7.7mil.
Source: The Star
IGB REIT FY14 earnings at RM317.62mil
KUALA LUMPUR: IGB Real Estate Investment Trust (IGB REIT) posted earnings of RM317.62mil in the financial year ended Dec 31, 2014, up 1.8% from the RM311.94mil in FY 13, mainly due to higher total rental income.
It said on Tuesday gross revenue rose 7.2% was RM461.76 million, up 7.2% from RM430.72mil a year ago.
“Net property income was RM312.6mil or up 9.4% compared with the corresponding period-to-date in 2013 of RM285.7mil,” it said.
IGB REIT said distributable income amounted to RM268.8mil or 7.79 sen per unit, consisting of realised profit of RM232.6mil and the non-cash adjustment arising mainly from manager fee payable in units of RM30.7mil.
For the fourth quarter ended Dec 31, 2014, its earnings were RM56.24mil compared with RM158.08mil a year ago.
For the current quarter, IGB REIT’s gross revenue was RM119.6mil, up 4.6% from the RM114.3mil a year ago.
Net property income increased by 5.5% to RM76.4mil from RM72.4mil mainly due to higher total rental income in the current quarter.
The distributable income for the current quarter amounted to RM65.3mil or 1.89 sen per unit, consisting of realised profit of RM56.2mil and the non-cash adjustment arising mainly from manager fee payable in units of RM7.7mil.
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Reit
by winston » Wed Jan 28, 2015 3:15 pm
not vested
Affin Hwang maintains Buy on IGB Reit
KUALA LUMPUR: Affin Hwang Research has maintained its Buy rating on IGB Reit with a target price of RM1.38 as it rolled forward its valuation window to 2015.
In a note on Tuesday, the research house said IGB Reit will continue sustaining based on its key strengths like stable occupancy rates, strong visitor and retailer attraction – MVM and GM are key suburban shopping destinations.
" Although the upcoming implementation of the GST starting Apr 15 may put a drag on retail pending between 2Q15 and 3Q15, consumption may potentially normalizes thereafter, as the lower petrol pump prices (as a result of falling crude oil prices globally) have the potential to stimulate consumption," it said.
It added that IGB's 2014 realized net profit of RM232.6mil was marginally above expectations.
The key income driver for 2014 was gross rental income growth of 7.5% on-year.
Source: The Star
Affin Hwang maintains Buy on IGB Reit
KUALA LUMPUR: Affin Hwang Research has maintained its Buy rating on IGB Reit with a target price of RM1.38 as it rolled forward its valuation window to 2015.
In a note on Tuesday, the research house said IGB Reit will continue sustaining based on its key strengths like stable occupancy rates, strong visitor and retailer attraction – MVM and GM are key suburban shopping destinations.
" Although the upcoming implementation of the GST starting Apr 15 may put a drag on retail pending between 2Q15 and 3Q15, consumption may potentially normalizes thereafter, as the lower petrol pump prices (as a result of falling crude oil prices globally) have the potential to stimulate consumption," it said.
It added that IGB's 2014 realized net profit of RM232.6mil was marginally above expectations.
The key income driver for 2014 was gross rental income growth of 7.5% on-year.
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Reit
by winston » Wed Jan 27, 2016 9:58 am
not vested
Share Price: MYR1.38
Target Price: MYR1.55
Recommendation: Buy
4Q15 within expectations
4Q15 results were within our and consensus’ expectations.
Earnings were lower YoY and QoQ mainly due to higher borrowing costs despite the improved revenue from sustained occupancy rates and rental rates.
IGBREIT has also declared a final gross DPU of 3.72sen for FY15 – in line.
We remain positive on IGB REIT for its malls’ strategic location and high shopper traffic. Maintain BUY.
Source: Kim Eng
https://factsetpdf.maybank-ke.com/PDF/C ... 8acb76.pdf?
Share Price: MYR1.38
Target Price: MYR1.55
Recommendation: Buy
4Q15 within expectations
4Q15 results were within our and consensus’ expectations.
Earnings were lower YoY and QoQ mainly due to higher borrowing costs despite the improved revenue from sustained occupancy rates and rental rates.
IGBREIT has also declared a final gross DPU of 3.72sen for FY15 – in line.
We remain positive on IGB REIT for its malls’ strategic location and high shopper traffic. Maintain BUY.
Source: Kim Eng
https://factsetpdf.maybank-ke.com/PDF/C ... 8acb76.pdf?
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Reit
by winston » Sun Jul 17, 2016 7:08 pm
not vested
16 December 2014
Goldis sells IGB REIT shares for RM38.35mil
PETALING JAYA: Goldis Bhd is selling 30 million shares or 0.9% stake in IGB Real Estate Investment Trust (IGB REIT) for RM38.35mil to pare down the group debt and to raise funds.
According to filings with Bursa Malaysia, Goldis has disposed of 20 million shares to Wah Seong (Malaya) Trading Co Sdn Bhd (WST) and another 10 million shares to Tan Chin Nam Sdn Bhd (TCN) for RM25.56mil and RM12.79mil respectively.
Prior to the announcement, trading in Goldis and IGB shares had been halted between 9am and 10am yesterday.
Goldis, which is mainly involved in investment holding and property development, expected about RM11mil gain from its proceeds.
The group currently owns about 39.06 million shares or 1.13% in IGB REIT.
It said the disposal would not have any material effect on the earnings of Goldis for the financial year ended Dec 31, 2014.
IGB REIT shares yesterday fell five sen or 3.82% to close at RM1.26 apiece with 338,900 shares done.
Meanwhile, Goldis shares closed 17 sen or 6.88% lower at RM2.30.
Source: The Star
16 December 2014
Goldis sells IGB REIT shares for RM38.35mil
PETALING JAYA: Goldis Bhd is selling 30 million shares or 0.9% stake in IGB Real Estate Investment Trust (IGB REIT) for RM38.35mil to pare down the group debt and to raise funds.
According to filings with Bursa Malaysia, Goldis has disposed of 20 million shares to Wah Seong (Malaya) Trading Co Sdn Bhd (WST) and another 10 million shares to Tan Chin Nam Sdn Bhd (TCN) for RM25.56mil and RM12.79mil respectively.
Prior to the announcement, trading in Goldis and IGB shares had been halted between 9am and 10am yesterday.
Goldis, which is mainly involved in investment holding and property development, expected about RM11mil gain from its proceeds.
The group currently owns about 39.06 million shares or 1.13% in IGB REIT.
It said the disposal would not have any material effect on the earnings of Goldis for the financial year ended Dec 31, 2014.
IGB REIT shares yesterday fell five sen or 3.82% to close at RM1.26 apiece with 338,900 shares done.
Meanwhile, Goldis shares closed 17 sen or 6.88% lower at RM2.30.
Source: The Star
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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Re: IGB Reit
by winston » Thu Aug 25, 2016 7:40 am
not vested
IGB REIT (IGBREIT MK) : HOLD
Mkt. Cap: US$1,405m
Price Target : RM1.65 (0%) (Prev RM1.65)
Challenging growth environment
2Q16 earnings in line with expectations
Declares DPU of 4.41 sen, ex-date 5 Aug
Resilient performance; but no near-term re-rating catalysts
Maintain HOLD, TP RM1.65
Source: Alliance
IGB REIT (IGBREIT MK) : HOLD
Mkt. Cap: US$1,405m
Price Target : RM1.65 (0%) (Prev RM1.65)
Challenging growth environment
2Q16 earnings in line with expectations
Declares DPU of 4.41 sen, ex-date 5 Aug
Resilient performance; but no near-term re-rating catalysts
Maintain HOLD, TP RM1.65
Source: Alliance
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: IGB Reit
by winston » Thu Oct 27, 2016 9:30 am
not vested
The steadfast duo
IGB REIT’s 9M16 core net profit of RM207.5m came in line with our and consensus estimates, representing 76% and 75% of the full-year numbers, respectively.
Organic growth continues to be driven by positive rental reversions by its two crown jewels – MVM and The Gardens.
No dividend was declared during the quarter, as expected.
Our Hold call is retained as we believe that the positives have been priced in.
Key upside risks include yield-accretive asset acquisitions and downside risks include higher-than-expected competition from other retail malls.
Source: CIMB
https://brokingrfs.cimb.com/ewHUQyTDldb ... WdKIw2.pdf
The steadfast duo
IGB REIT’s 9M16 core net profit of RM207.5m came in line with our and consensus estimates, representing 76% and 75% of the full-year numbers, respectively.
Organic growth continues to be driven by positive rental reversions by its two crown jewels – MVM and The Gardens.
No dividend was declared during the quarter, as expected.
Our Hold call is retained as we believe that the positives have been priced in.
Key upside risks include yield-accretive asset acquisitions and downside risks include higher-than-expected competition from other retail malls.
Source: CIMB
https://brokingrfs.cimb.com/ewHUQyTDldb ... WdKIw2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston - Billionaire Boss
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