Saturday, August 24, 2013

KLCC Property Holdings : 1H13 earnings in line but lower dividends (CIMB)

KLCC Property Holdings
Current RM6.12
Target RM7.00
1H13 earnings in line but lower dividends

 KLCCP's 1H13 core net profit of RM274.2m was in line with our estimate, at 45% of our full-year forecast. However, 1H dividend per share of 12 sen accounted for only 38% of our full-year forecast.

We cut our DDM-based target price to RM7.00 from RM8.00, after reducing our dividend payout assumptions, while keeping our WACC at 7.1%. We maintain our Outperform call, with the injection of KLCCP's other assets such as Menara Dayabumi into the REIT as a re-rating catalyst. The injection will also lower taxes and improve earnings.


1H13 dividend of 11.95 sen
In 2Q13, KLCCP declared a dividend per share of 7.45 sen, which implies a dividend payout ratio of 72% for the group. This brings total dividend per share in 1H13 to 11.95 sen, which accounts for only 38% of our full-year DPS assumption. Thus, we lower our dividend payout assumption for the group to 85% from 95%. Our initial dividend payout assumption was based on the premise that the group will pay more than 95% of its FY13 earnings as dividends, as opposed to just the REIT.

2Q13 earnings review
2Q13 revenue rose by 9.4% yoy, driven mainly by the higher revenue of its property segment. The property segment’s revenue was up 16.6% yoy due to the renewal of the Petronas Twin Towers’ triple net lease for another 15 years beginning 1 Oct 2012. The retail division’s revenue increased 11.7% yoy due to the improved rental and occupancy rates.

REIT structure takes effect
KLCCP's 1H13 core earnings only formed 45% of our full-year forecast. However, we expect stronger earnings in 2H13, underpinned by the lower tax rates once the stapled REIT structure takes full effect in 2H13.




Source/Extract/Excerpts/来源/转贴/摘录: CIMB-Research,
Publish date: 22/08/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock