Capitaland
CapitaLand Malaysia Trust (CLMT) sees positive rental reversions and improved performance in ex-Klang Valley malls. In FY23, rental reversion reached 7%, with ex-Klang Valley malls showing a robust 9.9% growth driven by refreshed tenant mix.
However, Klang Valley malls faced challenges, with negative growth recorded. CLMT plans to divest struggling malls, though finding buyers may be challenging.
Expectations for FY24E include a 10.8% EPU growth, driven by contributions from Queensbay Mall. Management aims to enhance portfolio with industrial/logistics assets and divest low-yielding ones. Despite challenges, CLMT maintains a hold recommendation with revised earnings forecasts and increased target price.
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“We expect +10.8% EPU growth in FY24E, mainly from full-year contribution of QBM. This assumes (1) positive rental reversions of 3%, and (2) stable occupancy rates at Gurney Plaza, QBM and East Coast Mall (at 99%).
Management’s portfolio strategy is to explore yield accretive industrial/logistics assets and look to divest its low-yielding assets as part of its capital recycling effort,” says Maybank.
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