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***Important***Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision.
Open to apply: 17/08/2022
Close to apply: 24/08/2022
Balloting: 01/09/2022
Listing date: 20/09/2022
Close to apply: 24/08/2022
Balloting: 01/09/2022
Listing date: 20/09/2022
Share Capital
Market cap: RM mil
Total Shares: 520 mil units
Industry CARG (2016-2021)
Msia Indutry properties rental income CAGR: 11.59% (data from
Competitors distribution yield
Alsreit: 4.74% (PE104.48, below IPO price RM1.00)
Atrium: 6.5% (PE17.39, above IPO price @ IPO RM1.02)
Axreit: 4.89% (PE14.16, above IPO price @ RM1.25)
AME reit: 5.67% (PE19.33, yield estimated @ pg28)
Business (FYE 2022)
Reit Structure: At least 75% total asset must invested in real estate to generate recurrent rental income.
Financial Limitation: Maximum allow up to 50% for financing.
31 Industrial Properties (Freehold)
3 Industrial-Related Properties (Freehold)
Occupancy Rate: 100%
Fundamental
1.Market: Main Market
2.Price: RM1.15 (refund will make if final institutional price lower than RM1.15)
3.P/E: 19.33 @ RM0.0595 (pg28)
4.ROE(Pro Forma III): 5.23%
5.NA after IPO: RM0.99
6.Total debt to current asset after IPO: 0.369 (Debt: 47.5mil, Non-Current Asset: 557mil, Current asset: 17.549mil)
7.Dividend policy: 90% of nett income distribute quartely basic.
8.Syariah Status: Yes (Islamic Reit)
Past Financial Performance (Revenue, Earning Per shares)
2022 (FPE 31Mar): RM35.236 mil (Eps: 0.0518)
2021 (FYE 31Mar): RM28.653 mil (Eps: 0.0377)
2020 (FYE 31Mar): RM26.870 mil (Eps: 0.0392)
Major Sharesholders
Lee Sai Boon: 51.3% (indirect)
Lee Chai: 51.3% (indirect)
Lim Yook Kim: 51.3% (indirect)
Kang Ah Chee: 51.3% (indirect)
Management Fees & Trustee's fees FYE2023 (compare to Rental income)
Management Fees: RM3.573 mil
Trustee's fee: RM0.175 mil
total (max): RM3.748 mil or 9.14%
Conclusions (Blogger is not wrote any recommendation & suggestion. All is personal opinion and reader should take their own risk in investment decision)
Overall the Reit is a bit expensive reit. After listing, might have chance to collect below IPO price.
Overall the Reit is a bit expensive reit. After listing, might have chance to collect below IPO price.
*Valuation is only personal opinion & view. Perception & forecast will change if any new quarter result release. Reader take their own risk & should do own homework to follow up every quarter result to adjust forecast of fundamental value of the company.