Al-salam Real Estate Investment Trust

$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research Report by MAYBANK

$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold - TP RM0.41

"2Q24: Shortfall"

1H24 realised earnings of MYR3m was below our expectation of MYR8m for FY24E. A 2nd interim gross DPU of 0.17sen (1H24: 0.47sen) was declared. We maintain our forecasts pending an update with management. Our unchanged TP of MYR0.41 is based on DDM. Maintain HOLD. The rejuvenation of KOMTAR JBCC remains a key re-rating catalyst for Al-Salam. For retail REIT, we prefer Pavilion REIT (PREIT MK, CP: MYR1.40, BUY, TP: MYR1.55).

Analyst:
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com

$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold – TP of MYR 0.41

“1Q24 missed estimates”

1Q24 results and 1st interim gross DPU of 0.3 sen missed our estimates mainly attributed to higher finance cost. We lower FY24/25/26E net profit by 34%/11%/11%. Our DDM-TP is lowered by 4sen to MYR0.41 (Ke: 9.9%). For retail REIT, we prefer Pavilion REIT (PREIT MK, CP: MYR1.36, BUY, TP: MYR1.55).

Analyst(s):
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com

ALSREIT - Notice of Book Closure

Income Distribution

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

Which company hurt the most from the closure of KFC?

The closure of KFC has had a significant impact on $ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST), with the latest quarterly report indicating that F&B restaurants contribute approximately 34% of net property income. Within the REIT portfolio, all F&B restaurants are either Pizza Hut or KFC outlets, primarily due to their common major shareholder, JCORP. Consequently, the closure of KFC could have a notable impact on the net property income for FY2024. Given that Pizza Hut also under boycott lists.

Asset of $ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST): https://cutt.ly/BeqJJfaq

OTHERSAl Salam Real Estate Investment Trust ("Al-Salam") -Press Release

General Meetings: Outcome of Meeting

General Meetings: Notice of Meeting (Amended Announcement)

NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE

CIRCULAR TO UNITHOLDERS OF AL-SALAM REAL ESTATE INVESTMENT TRUST ("AL-SALAM") IN RELATION TO THE PROPOSED RENEWAL OF UNITHOLDERS MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

General Meetings: Notice of Meeting

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONSAL-SALAM REAL ESTATE INVESTMENT TRUST ("AL-SALAM")

PROPOSED RENEWAL OF UNITHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED RRPT MANDATE")

OTHERSAl - Salam Real Estate Investment Trust (Al-Salam)

Revaluation of Investment Properties pursuant to Paragraph 10.02 (b)(i) of the Guidelines on Listed Real Estate Investment Trusts (Listed REIT Guidelines) issued by the Securities Commission Malaysia (SC).

Annual Report & CG Report - 2023

$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold - TP of MYR0.45

"4Q23 earnings in line"

FY23 results were within expectation at 101% of our estimate. We adjust FY24/25E net profit by +1%/-2%, but maintain our DDM-TP of MYR0.45 (Ke: 9.9%, LTG: 1%). Maintain HOLD. For retail REIT, we prefer Pavilion REIT (PREIT MK, CP: MYR1.34, BUY, TP: MYR1.47).

Analyst(s):
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE

ALSREIT - Notice of Book Closure

Income Distribution

Change in Boardroom - DATO SALEHUDDIN BIN HASSAN

OTHERSCHANGE IN COMPOSITION OF BOARD COMMITTEES

Change in Boardroom - DATO' WAN KAMARUZAMAN BIN WAN AHMAD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DAMANSARA ASSETS SDN BERHAD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - JOHOR CORPORATION

$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold – Target Price RM0.45

“3Q23 earnings fell short”

9M23 core earnings and 3rd interim gross DPU of 0.3sen (YTD: 1.10sen) fell short, the former at only 58% of our FY23E. The discrepancy was mainly due to lower-than-expected contribution at KOMTAR JBCC. We lower FY23/24/25E net profit by -26%/-37%/-1% and DDM-TP by 1sen to MYR0.45 (Ke: 9.9%, LTG: 1%). Maintain HOLD. For retail REIT, we prefer Pavilion REIT (PREIT MK, CP: MYR1.21, BUY, TP: MYR1.41).

Analyst:
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com

ALSREIT - Notice of Book Closure

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

Income Distribution