Saturday, October 26, 2013

IGB REIT : IGB REIT delivers (CIMB)

IGB REIT
Current RM1.22
Target RM1.44
IGB REIT delivers

 9M13 core net profit of RM153.9m was above expectations, accounting for 78% of our full-year estimate. However, despite the positive results, we believe there is little to cheer about moving forward given the lack of acquisition news flow for the stock.


We raise our FY13-15 estimates by 2-7% after we revise upwards our core rental assumptions given the positive 3Q13 results. However, our DDM-based target price is revised downwards to RM1.44 (from RM1.59after revising our cost of equity assumptions. We downgrade our call on the stock from Outperform to Neutral) as we do not see any potential re-rating catalysts for IGB REIT.

DPU of 1.83 sen for 3Q13
IGB REIT announced a DPU of 1.83 sen for 3Q13. This brings 9M13 DPU to 5.3 sen, in line with our full-year target of 6.7 sen.

Net property income up 4.4% qoq
3Q13 revenues increased by 0.9% qoq, driven mainly by higher-percentage rents. Net property income grew faster due to lower property costs during the quarter.

Downgrade to Neutral
As highlighted, we are downgrading our call on IGB REIT from Outperform to Neutral. IGB REIT's share performance has been subdued as it only reached a high of RM1.45 in Mar 2013 from RM1.30 at the beginning of the year. YTD, IGB REIT's share price has underperformed the KLCI. We believe the weak share price performance is partly due to the lack of exciting acquisition news flow, therefore resulting in the absence of stock catalysts, while, at the same time, broader market conditions have improved post the 13th general elections, leading to less interest in stable dividend stocks like REITs. For exposure to Malaysian property, we suggest property developer stocks such as Mah Sing, which offers annual earnings growth of 20-23% p.a..



Source/Extract/Excerpts/来源/转贴/摘录: CIMB-Research,
Publish date: 25/10/13

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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
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