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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:

  1. RM20.5mil Bayan Lepas Industrial Facility 1, Penang
  2. RM11.87mil manufacturing facilities located in Shah Alam, Selangor
  3. RM95mil One Total Logistics Warehouse, Seksyen 15, Shah Alam
  4. RM6.68mil Manufacturing Facility 1, iPark @ Indahpura
  5. RM12.98mil Manufacturing Facility 3, iPark @ Indahpura
  6. 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:

  1. RM60mil manufacturing facility located in Kota Kinabalu, Sabah
  2. 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