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Bull markets are born on pessimism, grow on scepticism, mature on optimism and die on euphoria.

Wednesday, March 27, 2013

~ AmFirst REIT Q3FY12 ~

AmFirst REIT, the only REIT I have been monitoring all this while had just announced its latest 3rd quarter report for financial year 2012 few weeks ago .. 

Highlight as below;

  • Revenue and profit from the newly acquired Jaya 99 in Melacca will starts contribute to AmFirst REIT's revenue starting from this quarter. 
  • Revenue and net profit for this quarter increased 12.4% and 21.3% respectively while profit margin improved to 44.04% from 40.8% compared with Q3FY11. 
  • Total assets increased to RM1.28b from RM1.2b in Q2FY12 due to the new acquisition of Jaya 99.
  • Borrowings increased to RM427.9m from RM345.1m which the gearing ratio increased to 33.4% from 28.7% in Q2FY12 with average interest rate of 4.37%.
  • NAV per unit dropped to RM1.1935 from RM1.2075. 
  • Not much change in terms of the occupancy rate compared with preceding quarter.
  • EPU is 1.78sen for this quarter, foresee it can reaches 7.2sen EPU for full year 2013. DPU will be around 6.5 sen if based on 90% dividend policy. 
  • Lowest price for this quarter was RM1.04. 
REIT provides a good and stable income to the investors without much abrupt changes of its revenue sources. Bad thing is AmFirst's rental sources which is the commercial office & retail type. Office market which proned to the external economic that affected the supply and demand relationship remained a good challenging job to do. 

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