Highlights
KLSE: SUNREIT (5176)       SUNWAY REAL ESTATE INVESTMENT TRUST MAIN : REITS
Last Price Today's Change   Day's Range   Trading Volume
1.91   +0.01 (0.53%)  1.90 - 1.92  300,500
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Financials


Market Cap: 5,753 Million

Market Cap 5,753 Million
NOSH 3,012 Million

Latest Audited Result:  30-Jun-2017

Latest Audited Result: 30-Jun-2017
Announcement Date 28-Aug-2017
Next Audited Result: 30-Jun-2018
Est. Ann. Date: 28-Aug-2018
Est. Ann. Due Date: 27-Dec-2018

Latest Quarter:  30-Jun-2019 [#4]

Latest Quarter: 30-Jun-2019 [#4]
Announcement Date 08-Aug-2019
Next Quarter: 30-Sep-2019
Est. Ann. Date: 01-Nov-2019
Est. Ann. Due Date: 29-Nov-2019
QoQ | YoY   158.30%  |    -14.05%

Annual (Unaudited) ( EPS: 12.98, P/E: 14.89 )

Revenue | NP to SH 580,299  |  386,373
RPS | P/RPS 19.70 Cent  |  9.91
EPS | P/E | EY 12.98 Cent  |  14.89  |  6.72%
DPS | DY | Payout % 9.59 Cent  |  5.02%  |  73.10%
NAPS | P/NAPS 1.49  |  1.28
YoY   -9.66%
NP Margin | ROE 66.58%  |  8.80%
F.Y. | Ann. Date 30-Jun-2019  |  08-Aug-2019

T4Q Result ( EPS: 13.12, P/E: 14.89 )

Revenue | NP to SH 580,299  |  386,373
RPS | P/RPS 19.70 Cent  |  9.91
EPS | P/E | EY 13.12 Cent  |  14.89  |  6.72%
DPS | DY | Payout % 9.59 Cent  |  5.02%  |  73.10%
NAPS | P/NAPS 1.49  |  1.28
QoQ | YoY   -7.01%  |    -9.66%
NP Margin | ROE 66.58%  |  8.80%
F.Y. | Ann. Date 30-Jun-2019  |  08-Aug-2019

Annualized Result ( EPS: 12.98, P/E: 14.89 )

Revenue | NP to SH 580,299  |  386,373
RPS | P/RPS 19.70 Cent  |  9.91
EPS | P/E | EY 12.98 Cent  |  14.89  |  6.72%
DPS | DY | Payout % -
NAPS | P/NAPS -
QoQ | YoY   39.07%  |    -9.66%
NP Margin | ROE 66.58%  |  8.80%
F.Y. | Ann. Date 30-Jun-2019  |  08-Aug-2019


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Date Financial Result Financial Ratio Per Share Item Performance Valuation (End of Quarter) Valuation (Ann. Date)
F.Y. Ann. Date Quarter # Revenue PBT NP NP to SH Div Net Worth Div Payout % NP Margin ROE NOSH RPS Adj. RPS EPS Adj. EPS DPS Adj. DPS NAPS Adj. NAPS QoQ YoY EOQ Date EOQ Price EOQ P/RPS EOQ P/EPS EOQ P/NAPS EOQ EY EOQ DY ANN Date ANN Price ANN P/RPS ANN P/EPS ANN P/NAPS ANN EY ANN DY
30-Jun-2019 08-Aug-2019 30-Jun-2019 4 145,559 179,055 178,005 178,005 67,147 4,389,638 37.72% 122.29% 4.06% 2,945,078 4.94 4.94 5.91 5.91 2.28 2.28 1.4905 1.49   158.30%   -14.05% 28-Jun-2019 1.87 37.84 30.94 1.25 3.23% 1.22% 08-Aug-2019 1.89 38.24 31.27 1.27 3.20% 1.21%
30-Jun-2019 02-May-2019 31-Mar-2019 3 151,499 75,809 68,914 68,914 75,983 4,283,321 110.26% 45.49% 1.61% 2,945,078 5.14 5.14 2.34 2.34 2.58 2.58 1.4544 1.45   3.72%   -2.04% 29-Mar-2019 1.80 34.99 76.92 1.24 1.30% 1.43% 02-May-2019 1.87 36.35 79.92 1.29 1.25% 1.38%
30-Jun-2019 14-Feb-2019 31-Dec-2018 2 139,500 66,445 66,445 66,445 66,264 4,290,389 99.73% 47.63% 1.55% 2,945,078 4.74 4.74 2.25 2.25 2.25 2.25 1.4568 1.46   -8.99%   -6.41% 31-Dec-2018 1.73 36.52 76.68 1.19 1.30% 1.30% 14-Feb-2019 1.74 36.73 77.12 1.19 1.30% 1.29%
30-Jun-2019 01-Nov-2018 30-Sep-2018 1 143,741 73,009 73,009 73,009 73,037 4,290,095 100.04% 50.79% 1.70% 2,945,078 4.88 4.88 2.48 2.48 2.48 2.48 1.4567 1.46   -64.75%   -7.85% 28-Sep-2018 1.69 34.63 68.17 1.16 1.47% 1.47% 01-Nov-2018 1.69 34.63 68.17 1.16 1.47% 1.47%
30-Jun-2018 09-Aug-2018 30-Jun-2018 4 136,252 208,113 207,113 207,113 63,319 4,289,800 30.57% 152.01% 4.83% 2,945,078 4.63 4.63 7.04 7.04 2.15 2.15 1.4566 1.46   194.40%   -5.36% 29-Jun-2018 1.77 38.26 25.17 1.22 3.97% 1.21% 09-Aug-2018 1.74 37.61 24.74 1.19 4.04% 1.24%
30-Jun-2018 03-May-2018 31-Mar-2018 3 141,515 70,352 70,352 70,352 69,798 4,145,786 99.21% 49.71% 1.70% 2,945,078 4.81 4.81 2.38 2.38 2.37 2.37 1.4077 1.41   -0.91%   -0.01% 30-Mar-2018 1.60 33.30 66.98 1.14 1.49% 1.48% 03-May-2018 1.65 34.34 69.07 1.17 1.45% 1.44%
30-Jun-2018 06-Feb-2018 31-Dec-2017 2 141,470 70,997 70,997 70,997 70,092 4,146,080 98.73% 50.19% 1.71% 2,945,078 4.80 4.80 2.40 2.40 2.38 2.38 1.4078 1.41   -10.39%   -0.21% 29-Dec-2017 1.90 39.55 78.82 1.35 1.27% 1.25% 06-Feb-2018 1.72 35.81 71.35 1.22 1.40% 1.38%
30-Jun-2018 31-Oct-2017 30-Sep-2017 1 141,169 79,229 79,229 79,229 78,633 4,144,902 99.25% 56.12% 1.91% 2,945,078 4.79 4.79 2.69 2.69 2.67 2.67 1.4074 1.41   -63.80%   23.52% 29-Sep-2017 1.72 35.88 63.94 1.22 1.56% 1.55% 31-Oct-2017 1.72 35.88 63.94 1.22 1.56% 1.55%
30-Jun-2017 10-Aug-2017 30-Jun-2017 4 132,536 218,842 218,842 218,842 66,853 4,144,902 30.55% 165.12% 5.28% 2,945,078 4.50 4.50 7.43 7.43 2.27 2.27 1.4074 1.41   211.05%   78.07% 30-Jun-2017 1.78 39.55 23.95 1.26 4.17% 1.28% 10-Aug-2017 1.73 38.44 23.28 1.23 4.30% 1.31%
30-Jun-2017 03-May-2017 31-Mar-2017 3 134,573 70,356 70,356 70,356 69,798 3,992,347 99.21% 52.28% 1.76% 2,945,078 4.57 4.57 2.38 2.38 2.37 2.37 1.3556 1.36   -1.11%   8.63% 31-Mar-2017 1.72 37.64 72.00 1.27 1.39% 1.38% 03-May-2017 1.71 37.42 71.58 1.26 1.40% 1.39%
30-Jun-2017 14-Feb-2017 31-Dec-2016 2 126,880 71,143 71,143 71,143 67,147 3,991,464 94.38% 56.07% 1.78% 2,945,078 4.31 4.31 2.45 2.45 2.28 2.28 1.3553 1.36   10.91%   -0.53% 30-Dec-2016 1.72 39.92 71.20 1.27 1.40% 1.33% 14-Feb-2017 1.77 41.08 73.27 1.31 1.36% 1.29%
30-Jun-2017 27-Oct-2016 30-Sep-2016 1 128,879 64,143 64,143 64,143 66,853 3,989,697 104.23% 49.77% 1.61% 2,945,078 4.38 4.38 2.15 2.15 2.27 2.27 1.3547 1.35   -47.81%   -0.57% 30-Sep-2016 1.73 39.53 79.43 1.28 1.26% 1.31% 27-Oct-2016 1.77 40.45 81.27 1.31 1.23% 1.28%
30-Jun-2016 11-Aug-2016 30-Jun-2016 4 123,585 122,897 122,897 122,897 62,480 3,993,120 50.84% 99.44% 3.08% 2,947,170 4.19 4.20 4.17 4.17 2.12 2.12 1.3549 1.36   89.76%   -65.66% 30-Jun-2016 1.66 39.59 39.81 1.23 2.51% 1.28% 11-Aug-2016 1.68 40.06 40.29 1.24 2.48% 1.26%
30-Jun-2016 27-Apr-2016 31-Mar-2016 3 130,345 64,766 64,766 64,766 68,832 3,876,956 106.28% 49.69% 1.67% 2,904,304 4.49 4.43 2.23 2.20 2.37 2.34 1.3349 1.32   -9.44%   13.99% 31-Mar-2016 1.60 35.65 71.75 1.20 1.39% 1.48% 27-Apr-2016 1.60 35.65 71.75 1.20 1.39% 1.48%
30-Jun-2016 27-Jan-2016 31-Dec-2015 2 131,867 71,520 71,520 71,520 76,268 3,963,276 106.64% 54.24% 1.80% 2,967,634 4.44 4.48 2.41 2.43 2.57 2.59 1.3355 1.35   10.86%   13.04% 31-Dec-2015 1.46 32.86 60.58 1.09 1.65% 1.76% 27-Jan-2016 1.48 33.31 61.41 1.11 1.63% 1.74%
30-Jun-2016 29-Oct-2015 30-Sep-2015 1 121,216 64,513 64,513 64,513 62,450 3,937,354 96.80% 53.22% 1.64% 2,945,799 4.11 4.12 2.19 2.19 2.12 2.12 1.3366 1.34   -81.97%   1.67% 30-Sep-2015 1.55 37.67 70.78 1.16 1.41% 1.37% 29-Oct-2015 1.49 36.21 68.04 1.11 1.47% 1.42%
30-Jun-2015 11-Aug-2015 30-Jun-2015 4 114,937 363,803 357,907 357,907 60,140 3,916,441 16.80% 311.39% 9.14% 2,933,663 3.92 3.90 12.20 12.15 2.05 2.04 1.3350 1.33   529.92%   52.16% 30-Jun-2015 1.54 39.31 12.62 1.15 7.92% 1.33% 11-Aug-2015 1.53 39.05 12.54 1.15 7.97% 1.34%
30-Jun-2015 29-Apr-2015 31-Mar-2015 3 110,709 56,818 56,818 56,818 62,705 3,631,936 110.36% 51.32% 1.56% 2,943,937 3.76 3.76 1.93 1.93 2.13 2.13 1.2337 1.23   -10.19%   -2.84% 31-Mar-2015 1.57 41.75 81.35 1.27 1.23% 1.36% 29-Apr-2015 1.66 44.14 86.01 1.35 1.16% 1.28%
30-Jun-2015 28-Jan-2015 31-Dec-2014 2 113,996 63,268 63,268 63,268 66,489 3,621,507 105.09% 55.50% 1.75% 2,929,073 3.89 3.87 2.16 2.15 2.27 2.26 1.2364 1.23   -0.29%   1.99% 31-Dec-2014 1.52 39.06 70.37 1.23 1.42% 1.49% 28-Jan-2015 1.58 40.60 73.15 1.28 1.37% 1.44%
30-Jun-2015 06-Nov-2014 30-Sep-2014 1 113,812 63,451 63,451 63,451 66,667 3,619,338 105.07% 55.75% 1.75% 2,924,009 3.89 3.86 2.17 2.15 2.28 2.26 1.2378 1.23   -73.02%   14.53% 30-Sep-2014 1.53 39.31 70.51 1.24 1.42% 1.49% 06-Nov-2014 1.51 38.79 69.59 1.22 1.44% 1.51%
30-Jun-2014 11-Aug-2014 30-Jun-2014 4 109,217 235,210 235,210 235,210 59,387 3,624,691 25.25% 215.36% 6.49% 2,925,497 3.73 3.71 8.04 7.99 2.03 2.02 1.2390 1.23   302.21%   2.72% 30-Jun-2014 1.44 38.57 17.91 1.16 5.58% 1.41% 11-Aug-2014 1.42 38.04 17.66 1.15 5.66% 1.43%
30-Jun-2014 29-Apr-2014 31-Mar-2014 3 108,082 58,480 58,480 58,480 61,403 3,446,518 105.00% 54.11% 1.70% 2,924,000 3.70 3.67 2.00 1.99 2.10 2.08 1.1787 1.17   -5.73%   5.90% 31-Mar-2014 1.36 36.79 68.00 1.15 1.47% 1.54% 29-Apr-2014 1.37 37.06 68.50 1.16 1.46% 1.53%
30-Jun-2014 24-Jan-2014 31-Dec-2013 2 110,313 62,034 62,034 62,034 65,252 3,453,128 105.19% 56.23% 1.80% 2,926,132 3.77 3.75 2.12 2.11 2.23 2.22 1.1801 1.17   11.97%   10.53% 31-Dec-2013 1.24 32.89 58.49 1.05 1.71% 1.80% 24-Jan-2014 1.26 33.42 59.43 1.07 1.68% 1.77%
30-Jun-2014 29-Oct-2013 30-Sep-2013 1 100,176 55,400 55,400 55,400 58,315 3,444,130 105.26% 55.30% 1.61% 2,915,789 3.44 3.40 1.90 1.88 2.00 1.98 1.1812 1.17   -75.80%   6.52% 30-Sep-2013 1.42 41.33 74.74 1.20 1.34% 1.41% 29-Oct-2013 1.36 39.59 71.58 1.15 1.40% 1.47%
30-Jun-2013 06-Aug-2013 30-Jun-2013 4 103,906 228,971 228,971 228,971 57,313 3,350,580 25.03% 220.36% 6.83% 2,837,311 3.66 3.53 8.07 7.77 2.02 1.95 1.1809 1.14   314.65%   -17.72% 28-Jun-2013 1.54 42.05 19.08 1.30 5.24% 1.31% 06-Aug-2013 1.33 36.32 16.48 1.13 6.07% 1.52%
30-Jun-2013 28-May-2013 31-Mar-2013 3 106,448 55,220 55,220 55,220 56,036 3,031,931 101.48% 51.88% 1.82% 2,720,197 3.91 3.61 2.03 1.87 2.06 1.90 1.1146 1.03   -1.61%   16.12% 29-Mar-2013 1.52 38.84 74.88 1.36 1.34% 1.36% 28-May-2013 1.62 41.40 79.80 1.45 1.25% 1.27%
30-Jun-2013 23-Jan-2013 31-Dec-2012 2 105,820 56,122 56,122 56,122 59,089 2,958,277 105.29% 53.04% 1.90% 2,698,173 3.92 3.59 2.08 1.91 2.19 2.01 1.0964 1.00   7.91%   10.56% 31-Dec-2012 1.55 39.52 74.52 1.41 1.34% 1.41% 23-Jan-2013 1.51 38.50 72.60 1.38 1.38% 1.45%
30-Jun-2013 23-Oct-2012 30-Sep-2012 1 99,772 52,009 52,009 52,009 54,703 2,955,620 105.18% 52.13% 1.76% 2,694,766 3.70 3.39 1.93 1.77 2.03 1.86 1.0968 1.00   -81.31%   18.57% 28-Sep-2012 1.45 39.16 75.13 1.32 1.33% 1.40% 23-Oct-2012 1.51 40.78 78.24 1.38 1.28% 1.34%
30-Jun-2012 07-Aug-2012 30-Jun-2012 4 102,558 278,284 278,284 278,284 50,866 2,951,855 18.28% 271.34% 9.43% 2,691,334 3.81 3.48 10.34 9.45 1.89 1.73 1.0968 1.00   485.20%   80.64% 29-Jun-2012 1.36 35.69 13.15 1.24 7.60% 1.39% 07-Aug-2012 1.46 38.31 14.12 1.33 7.08% 1.29%
30-Jun-2012 25-Apr-2012 31-Mar-2012 3 98,092 47,554 47,554 47,554 50,240 2,723,474 105.65% 48.48% 1.75% 2,686,666 3.65 3.33 1.77 1.61 1.87 1.71 1.0137 0.92   -6.32%   8.74% 30-Mar-2012 1.25 34.24 70.62 1.23 1.42% 1.50% 25-Apr-2012 1.24 33.96 70.06 1.22 1.43% 1.51%
30-Jun-2012 09-Feb-2012 31-Dec-2011 2 110,737 50,761 50,761 50,761 53,446 2,720,950 105.29% 45.84% 1.87% 2,685,767 4.12 3.76 1.89 1.72 1.99 1.81 1.0131 0.92   15.72%   12.21% 30-Dec-2011 1.25 30.32 66.14 1.23 1.51% 1.59% 09-Feb-2012 1.29 31.29 68.25 1.27 1.47% 1.54%
30-Jun-2012 01-Nov-2011 30-Sep-2011 1 95,039 43,864 43,864 43,864 46,806 2,712,079 106.71% 46.15% 1.62% 2,674,634 3.55 3.23 1.64 1.49 1.75 1.59 1.0140 0.92   -71.53%   -85.88% 30-Sep-2011 1.11 31.24 67.68 1.09 1.48% 1.58% 01-Nov-2011 1.14 32.08 69.51 1.12 1.44% 1.54%
30-Jun-2011 11-Aug-2011 30-Jun-2011 4 87,292 154,057 154,057 154,057 43,479 2,767,926 28.22% 176.48% 5.57% 2,683,919 3.25 2.96 5.74 5.23 1.62 1.48 1.0313 0.94   252.28%   - % 30-Jun-2011 1.11 34.13 19.34 1.08 5.17% 1.46% 11-Aug-2011 1.07 32.90 18.64 1.04 5.36% 1.51%
30-Jun-2011 03-May-2011 31-Mar-2011 3 82,346 43,732 43,732 43,732 45,610 2,612,383 104.29% 53.11% 1.67% 2,682,944 3.07 2.80 1.63 1.48 1.70 1.55 0.9737 0.89   -3.32%   - % 31-Mar-2011 1.06 34.54 65.03 1.09 1.54% 1.60% 03-May-2011 1.09 35.51 66.87 1.12 1.50% 1.56%
30-Jun-2011 26-Jan-2011 31-Dec-2010 2 85,333 45,236 45,236 45,236 46,842 2,608,430 103.55% 53.01% 1.73% 2,676,686 3.19 2.90 1.69 1.54 1.75 1.59 0.9745 0.89   -85.44%   - % 30-Dec-2010 1.03 32.31 60.95 1.06 1.64% 1.70% 26-Jan-2011 1.02 31.99 60.36 1.05 1.66% 1.72%
30-Jun-2011 10-Nov-2010 30-Sep-2010 1 72,445 310,638 310,638 310,638 40,471 2,614,022 13.03% 428.79% 11.88% 2,680,224 2.70 2.46 11.59 10.55 1.51 1.37 0.9753 0.89   - %   - % 30-Sep-2010 0.97 35.89 8.37 0.99 11.95% 1.56% 10-Nov-2010 0.99 36.63 8.54 1.02 11.71% 1.53%
30-Jun-2010 30-Jun-2010 4 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 0.0000 0.00   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%
30-Jun-2010 31-Mar-2010 3 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 - -   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%
30-Jun-2010 31-Dec-2009 2 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 - -   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%
30-Jun-2010 30-Sep-2009 1 0 0 0 0 - - - % - % - % - - - 0.00 0.00 0.00 0.00 - -   - %   - % 0.00 0.00 0.00 0.00 0.00% 0.00% 0.00 0.00 0.00 0.00 0.00% 0.00%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.


NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ Δ & YoY Δ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.


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  8 people like this.
 
James Ng https://klse.i3investor.com/blogs/general/188737.jsp
[转贴] [Facebook live:浅谈Sunway Real Estate Investment Trust (Sunreit)] - James的股票投资James Share Investing
04/01/2019 9:34 AM
ling wow....ASB bought 5 million Sunreit shares
08/01/2019 9:09 AM
armadasaxon so what.
11/01/2019 4:22 PM
葉維強 这几天都有好大的量买进
25/01/2019 5:23 PM
ejtic Kma
03/02/2019 11:46 AM
bestreturn when will dividend be declared?
14/02/2019 11:00 AM
iceiscool if i buy this stock today, am i entitle to dividend?
14/02/2019 4:56 PM
Aries As long as you buy before the ex date, you are entitled for the dividend.
15/02/2019 1:17 PM
sg999 wow get dividen oledi!
14/03/2019 10:12 PM
iceiscool am using Rakuten. Probably need to wait another 2-3 days.
17/03/2019 11:04 PM
葉維強 产拖又飙一轮
22/03/2019 5:18 PM
LATO' SELI SUNREIT all time high, sell first; next week collect again
26/03/2019 1:32 PM
kalteh https://www.theedgemarkets.com/article/sunway-reit-sets-rm10b-perpetual-note-programme
01/04/2019 4:07 PM
iceiscool hi kalteh, whats the correlation between above news with its share price
01/04/2019 11:09 PM
kalteh On the surface, management will have access to greater capital to pursue further asset growth. And this is partly how management get paid. A small % on total asset.

However, I recommend reading the excellent article by Insider Asia in The Edge Weekly for March end on their views with regards to the above perpetual securities.
04/04/2019 2:27 PM
newbie8080 A growing number of Malaysian companies using perpetual bonds to raise funds

Creative accounting with innovative financing methods have no limits, and perpetual bonds are certainly growing as an avenue of choice for companies to raise funds in Malaysia.

Malaysian Rating Corporation’s (MARC) assistant vice president for ratings, Taufiq Kamal, notes that perpetual bonds have a long history in the global financial markets, and are often issued by banks to support their capital structure.

This class of debt has grown in popularity today and its avenue for fund-raising is not just limited to financial institutions nowadays.

“Increasingly, we are seeing corporates issuing perpetual bonds in Malaysia,” Taufiq says.

This class of debt gives flexibility to companies to raise funds and at the same time keep their gearing levels under control without the necessary dilution in equity base.

Perpetual securities are usually classified as a kind of equity under the international financing reporting standard and increases shareholders’ funds of the issuer group.

It also reduces gearing ratios by taking these extra liabilities off the balance sheet and lowers perceived debt levels to allow for companies to take on new projects.

This class of securities are often listed on three exchanges in this part of the world, at the London Stock Exchange, the Hong Kong Stock Exchange and the Singapore Stock Exchange.

Analysts have not been alarmed by this development and are cautiously monitoring this emerging development among Malaysian companies.

RAM Ratings head of structured finance ratings Siew Suet Ming tells StarBizWeek that perpetual bonds are a hybrid instrument that has characteristics of both debt and equity where it pays a fixed coupon but has an indefinite maturity.

“However, it often includes step-up rates to incentivise borrowers to (fully) redeem the bonds,” Siew says.

She notes that RAM would evaluate the nature and terms of the perpetual security to see if it is more ‘debt-like’ or ‘equity-like’ and accord the appropriate treatment in its credit assessment.

“If it is structured to behave more equity-like, perpetual instruments can be used as a means to reduce gearing,” Siew says.

Taufiq says that perpetual bonds provide benefit to both issuers and investors alike.

Taufiq: Increasingly, we are seeing corporates issuing perpetual bonds in Malaysia.

He notes that perpetual bonds are ranked with very much less importance (deeply subordinated) to senior debts given that these instruments provide a higher yield than seniors bonds through a series of interest payments.

“We believe this class of securities issuance adds to the diversity of funding sources available to issuers.

“Given the absence of repayment schedule as would be the case for typical bond issuance, it affords better liquidity management over the medium term,” Taufiq says.

He however notes that from an accounting perspective, these class of securities are treated fully as equity which allows companies to enlarge its “equity” but with no dilution in their equity base.

“This allows companies to manage their gearing levels.

However, it does not mean that only highly geared companies resort to issuing perpetual bonds,” he says.

While from an accounting perspective perpetual were considered as equity, Taufiq notes that the same does not necessarily hold true from a rating agency’s perspective.

“The key factors we consider are the length of time before a redemption can be made (non-call period), ability of the issuer to defer coupon payments, and interest step-up period and rates,” he says.

“For the perps that we have rated, issued by Sime Darby Plantation Sdn Bhd and DRB-Hicom Bhd, the equity credit given was 50%.

“The ratings on the perpetual securities were two notches below the rating of the senior unsecured debt obligations of the companies to reflect the deep subordination,” he adds.

He also says that given perpetual securities’ ratings are anchored to the senior debt rating, companies that intend to issue these class of securities would need to have a sound senior credit rating.

“Otherwise, interest payments would need to be higher, making the issuance of perpetual bonds a non-viable funding source,” Taufiq says.

RAM’s Siew says most corporate perpetual bonds are structured to with a call date, with the coupon payment repriced or stepped-up beyond the call date.

She notes that the step-up in coupon payments are often steep enough to incentivise borrowers to redeem at the call date, which effectively gives the corporate or investors a certain perspective on its maturity horizon.

“Typically, investors would already factor its expectations for additional duration risk in return for higher returns in the pricing for the perpetual security,” Siew says.

Meanwhile, Taufiq notes that the wide acceptance of perpetual securities indicates that both issuers and investors are aware of risks involved.

“For investors, a typical
04/04/2019 2:43 PM
newbie8080 Continued:

“For investors, a typical characteristic of it is that the dividend pusher and dividend stopper provides a safeguard to investors’ interest payments,” he says.

While the growing appetite for such type of securities may highlight the generally low interest rate economies are in today, it would be key to watch how would companies with high gearing cope when and if interest rates move upwards.

The low interest rate environment is a sweet spot for both borrowers or issuers of perpetual debt, who will appreciate the low interest or coupon payments while investors would appreciate a slightly higher than usual yield for higher returns.

“Investors will always look out for any opportunities for yield pick-up.

“Likewise, borrowers will be on the look-out for cheaper fund-raising alternatives – this will be true in such an interest rate environment,” Siew says.
04/04/2019 2:45 PM
shpg22 Hyflux saga should be taken as a lesson for company venturing into perpetual note/bond on the danger of over leveraging. Although accounting wise its treated as equity, it is actually a long term debt.
06/04/2019 2:57 PM
freddiehero fly together... all be rich rich tis year!
06/04/2019 3:01 PM
shpg22 Shareholder will have to bear the long term risk of high gearing while the manager get to take higher bonus almost immediately.
06/04/2019 3:40 PM
beso https://www.theedgemarkets.com/article/sunway-reits-proposed-rm10b-perpetual-notes-poison-chalice-unitholders
sell immediately
07/04/2019 5:57 PM
VSOLAR Sailang Margin All In PUNTER thinks that taking on so much debt at these times is not a good idea!
09/04/2019 7:45 AM
witchjaz Sunway REIT gets shareholders’ nod for RM550 mil Sunway University land acquisition

https://www.theedgemarkets.com/article/sunway-reit-gets-shareholders-nod-rm550-mil-sunway-university-land-acquisition
09/04/2019 10:44 AM
beso similar to the default of a Singapore-based water infrastructure solutions provider, Hyflux Ltd. will soon happen here in bolehland on sunreit due to using perpetual bond to raise large sum of fund.
09/04/2019 12:24 PM
Letsrock accordingly to the theory above, everyone who take on hire purchase will go bankrupt cos % of bankruptcy majority
contributed by hire purchase.
09/04/2019 12:32 PM
gforce2 1. They're not going to issue RM10b perpetual bonds all at once! That's absurd!
2. Most of the acquisitions will probably come from matured Sunway assets, with decent yields above 6% p.a.
3. Sunway & the Cheah family still have skin in the game, owning over 40% of SunREIT.
4. You can't compare SunREIT to Hyflux, as the business cashflow is different. Operational cashflow is positive, as it is primarily a rental income business. SunREIT's perpetual bonds will be used primarily to fund future asset purchases. Net gearing is about 39%.
On the other hand, Hyflux issued perpetual bonds to roll over maturing debt; in fact, when they issued the bond in 2016, they had NEGATIVE cashflow from operations and net debt to equity ratio of 0.98 (98% gearing!).
09/04/2019 2:38 PM
akupolitikkk so many skl here... lai i wan buy cheap sunreit
09/04/2019 6:15 PM
witchjaz Sunway REIT 3Q NPI up 8%, declares DPU of 2.58 sen - theedgemarkets.com
02/05/2019 11:15 PM
ejtic Decent quarterly dividend
03/05/2019 5:18 PM
葉維強 越升越快。几时要下来。
08/05/2019 11:10 PM
smissions Is the yield under 5% now? Wonder if they are going to benefit from the OPR cut.
09/05/2019 2:17 PM
Ariston Ling Fly high, with higher profit taking + div, which give me Double Bonanza....
10/05/2019 11:36 PM
setyoufree too high to buy, not worth to buy
19/05/2019 8:22 PM
VSOLAR Sailang Margin All In Sunway Pyramid business sehr gut, I go everyday, all the shops also got people, especially restaurants hahaha
19/05/2019 8:23 PM
Kaspersky1991 anyone received div?
01/06/2019 10:45 PM
葉維強 Receiving interest every three months
03/06/2019 3:08 AM
setyoufree too high the price, too low the DY, wait and wait
08/06/2019 7:49 PM
xctznmunhon Ibg more high
06/07/2019 8:03 PM
sg999 BUYBUYBUY.......
07/07/2019 12:51 PM
Apalagikitamau 1.89 can enter?
07/08/2019 9:22 AM
Mabel Everywhere is RED SEA...

Here is still steady...

See you at RM 2.50

Cheers!
07/08/2019 12:58 PM
derricksyl sapu as much as u can
07/08/2019 10:58 PM
RainT 2.50 for SUNREIT ???

you must be joking or dreaming ..
09/08/2019 2:35 PM
RainT IBGREIT high the share price is because the 2 properties that it hold is really
09/08/2019 2:36 PM
RainT OPR cut their financing costs shall get lower

as REITs all properties acquire need bank financing
09/08/2019 2:42 PM
Apalagikitamau when can buy ticket enter this rocket ship?
12/08/2019 11:57 PM
MK4872 Que first la....
13/08/2019 11:57 AM
Taugeh 2+ then split
14/08/2019 11:35 AM
Taugeh buy now and hold for 10 years
14/08/2019 11:36 AM
Lyo82 Thank you Malaysians for your love of shopping. You all make me become richer.
17/08/2019 11:03 AM