United States

Analyst Research Report Snapshot


Results Note – Axis REIT (ADD, maintain) - The Axis leader in acquisition – driven growth




Affin Hwang Investment Bank Bhd


21 Jan 2013





Companies referenced:


Available for Immediate Download

FY12 realised net profit surges +22.9% yoy For FY12, Axis REIT reported a revenue growth of +16.1% yoy to RM132.7m, driven mainly by 5 new acquisitions completed in the current FY, namely Bayan Lepas Distribution Centre (acquired in 1QFY12), Seberang Prai Logistic Warehouse 3 (acquired in 1QFY12), Emerson Industrial Facility Nilai (acquired in 3QFY12), Wisma Academy and Annex properties (acquired in 4QFY12). Besides, the underlying earnings strength is also supported by positive rental revisions, refurbishments and asset enhancement exercises on several properties. Overall, Axis REIT’s FY12 realised net profit of RM79.7m (+22.9% yoy) is slightly below our and consensus estimates of RM81.8m and RM83.2m, respectively. The variance to our forecast was largely due to higher-than-expected effective interest rate during the year. Axis REIT has proposed a 5.6 sen DPU (including 1.5 sen on the net gain on disposal of Kayangan Depot), bringing FY12 DPU to 18.6 sen (vs. 17.2 sen in FY11) – yield of 5.9%.

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.