News by CIMB Research

Axis REIT’s 9MFY16 revenue increased marginally to RM125 million (+0.9% y-o-y), driven by additional contribution from Beyonics i-Park Campus, Johor, and better rental reversion rates across its other properties…

CMMT’s management is focusing its efforts to arrest rental reversion decline for Sungei Wang Plaza and has put in place strategies to help reposition and rebrand the mall.

This is LBS’ second major land acquisition for 2016 following the acquisition of 638-acre bumiputra reserved land in Dengkil in August.

The first quarter ended June 30, 2016 (1QFY17) revenue fell 64% mainly due to earlier completion of projects and delays in the launch of new property projects. 1QFY17 net profit was below RM100,000. No interim dividend was declared.

For the second quarter financial year 2016 (2QFY16), the Group maintained its 100% occupancy rates for its office segment.

Meanwhile, the Mid Valley Southkey Megamall in Johor is on track to meet its target completion by end-2018.

While Brexit will cast into question whether the remaining £6 billion (RM35.22 billion) GDV of Battersea can be realised, the risk of weakening demand for London property is mitigated by undersupply of housing in the city.

Excluding the asset disposal gain, financial year ended 2016 (FY16) net profit fell 18% year-on-year (y-o-y) due to higher administration costs, a lower revenue and weaker property margin.

Although Komtar will be launched on a single date, the various components are still targeted to be completed in two phases.

Unbilled sales increased from RM3.99 billion in the third quarter (3QFY15) to RM4.16 billion in 4QFY15. EcoWorld did not declare any final dividends, below our expectation of one sen.