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Author: Tan KW   |   Latest post: Tue, 26 Jan 2021, 7:38 AM

 

【行家论股/视频】双威产托 首季净利低于预期

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https://youtu.be/O-5e_4DFWJA

分析:联昌国际投行研究

目标价:1.50令吉

最新进展

双威产托(SUNREIT,5176,主板产托股)2021财年首季,净赚3439万8000令吉或每股1仙,按年猛跌56.36%,但仍每单位派息0.9仙。

首季营业额报1亿744万3000令吉,年跌30.84%;上财年同季为1亿5535万2000令吉。

另外,双威产托在本月5日宣布,将财年截止日期,从6月底改成12月底,因此,2021本财年将包含18个月。

 

行家建议

因为零售与酒店业务租金收入转弱,双威产托首季的核心净利低于预期,仅达我们与市场预测的11至13%。

零售与酒店产业的营收,按年下滑26%至88%,收入走弱是因为为租户提供援助,以及酒店的入住率持续低迷;然而,办公室产业的收入则逆市上扬3.4%。

10月重新落实有条件管控令(CMCO)之后,次季的营运前景更显艰巨;不过,新置入的办公室产业双威Pinnacle带来的租金,可以舒缓这一情况。

在CMCO的环境下,我们预计零售广场的客流量,将较MCO前下降70%至80%;而次季相信也无法维持9月杪20%至49%的酒店出租率。

尽管置入新的产业,但之前的私配活动也稀释了每股净利,再考虑了酒店业务走弱后,我们将未来两个财年的每股净利及每单位股息预测,下调14%至26%不等。

因此,我们采用的股息贴现模式估值法,将目标价下调至1.50令吉;维持“守住”评级,并预计未来2021至2023财年的周息率,介于4%至5.3%。

 

 

https://www.enanyang.my/行家论股/【行家论股视频】双威产托-首季净利低于预期

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