Analyst Research Report Snapshot

Title:

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

Price:

$35.00

Provider:

Affin Investment Bank

Date:

21 Jan 2013

Pages:

4

Type:

AcrobatPDF

Companies referenced:

AXSR.KL

Available for Immediate Download
Summary:

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%.

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