Pavreit (5212.KLSE) 发布了2Q2020 季度报告,先看财务数据:

  • Revenue下滑39.8%,2Q2020为RM86.7mil,2Q2019为RM144.1mil
  • net property income下滑57.2%,2Q2020为RM39mil,2Q2019为RM91.4mil
  • Distribution per unit下滑82.6%,2Q2020为0.4cent(RM)per unit,2Q2019为2.3cent(RM)per unit
  • Nav per unit大致一样,为RM1.26

Pavreit宣布派息1.61cent(RM)per unit,ex-date 06 Aug 2020, payment date 28 Aug 2020

这季度revenue与net property income的下滑当然是MCO的影响,期间给予不能营业的商家租金回扣。若深入了解个别产业,看看他们的net property income:

  1. pavillion kuala lumpur mall 2Q2020 RM36.9mil, 2Q2019 RM76.57mil
  2. Intermark Mall 2Q2020 RM2.87mil, 2Q2019 RM2.99mil
  3. DA MEN Mall 2Q2020 negative RM3.197mil, 2Q2019 negativeRM376k
  4. Elite Pavilion Mall 2Q2020 RM979k, 2Q2019 RM10.3mil
  5. Pavilion Tower 2Q2020 RM1.47mil, 2Q2019 RM1.86mil

可以看到的是Da men mall亏损扩大,3mil的亏损相等于0.1cent(RM) per unit。

幸运的是,pavreit目前的occupancy rate尚算不错,同时,2020财政年即将期满租约为(Projected tenancy expiry schedule on NLA)不多。

目前occupancy rate pavillion kuala lumpur mall 96.4%,intermark mall 88.8%,da men mall 73.5%,elite pavillion mall 92.4%,pavillion tower no data given。

2020年pavreit的即将期满租约为(Projected tenancy expiry schedule on NLA),pavillion kuala lumpur mall 8%,intermark mall 9%,da men mall 14%,elite pavillion mall 10%,pavillion tower 13%。

同时,pavreit的贷款利息(borrowing cost)比去年同季度降低了10.9%,从这季度报告发现了pavreit已经refinance了一些贷款,目前的贷款利息为4.6% (2019: 4.8%),相信pavreit仍有调低贷款利息空间。

对于下个季度的预测,预计Revenue少20%的话,distribution per unit大约为1.77cent (RM) per unit.

更多有关于pavreit的详情,请登录pavreit的专页 click here

以上文章纯属分享,并不是投资或买卖建议