Amfirst Real Estate Investment Trust

Annual Report & CG Report - 2024

General Meetings: Notice of Meeting

Quarterly rpt on consolidated results for the financial period ended 31/03/2024 (Amended Announcement)

OTHERSQuarterly Report for the fourth quarter financial period ended 31 March 2024

AMFIRST - Notice of Book Closure

OTHERSRevaluation of Bangunan AmBank Group, Menara AmBank, Wisma AmFIRST, The Summit Subang USJ, Prima 9, Prima 10, Kompleks Tun Sri Lanang (also known as Jaya 99) and Mydin HyperMall, Bukit Mertajam, pursuant to Chapter 10, Clause 10.02(b)(i) of the Securities Commissions ("SC") Guidelines on Listed Real Estate Investment Trusts (the "SC's Guidelines on Listed REIT") and Malaysian Financial Reporting Standard 140 ("MFRS 140").

Quarterly rpt on consolidated results for the financial period ended 31/03/2024 (Amended Announcement)

Income Distribution

MATERIAL LITIGATIONMATERIAL LITIGATION IN THE KUALA LUMPUR HIGH COURT LEGAL PROCEEDINGS INSTITUTED BY LOOI SEOW LENG VS. THE SUMMIT SUBANG USJ MANAGEMENT CORPORATION (MC) AND MAYBANK TRUSTEES BERHAD (MTB) (AS TRUSTEE FOR AMFIRST REAL ESTATE INVESTMENT TRUST) (WRIT OF SUMMONS NO.: WA-22NCVC-217-03/2024)

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

AMFIRST - Notice of Book Closure

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

Income Distribution

$AMFIRST / 5120 (AMFIRST REAL ESTATE INVESTMENT TRUST)

Change in Principal Officer - MR CHONG HONG CHUON

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

Change in Audit Committee - MADAM JAS BIR KAUR A/P LOL SINGH

General Meetings: Outcome of Meeting

Annual Report & CG Report - 2023

General Meetings: Notice of Meeting

Change in Boardroom - MADAM JAS BIR KAUR A/P LOL SINGH

AMFIRST - Notice of Book Closure

Sunday Short Slices (3S) - $AMFIRST / 5120 (AMFIRST REAL ESTATE INVESTMENT TRUST) (Small Cap at RM226.5 mil)
Q4 result released last Friday (14/4/2023) - What's interesting?
QOQ profit jumped 92.7%, YOY profit leaped 169.4%

1. Background:
AMFIRST is a Real Estate Investment Trusts (REIT) with investment properties in commercial space around KL, Subang Jaya, Cyberjaya and others. Listed in 2006, it currently has 8 investment properties valued at RM1.5 bil. Some prominent names in the portfolio are:
+ AmBank Group offices
+ The Summit Subang USJ
+ Prima 9 & 10 in Cyberjaya

2. Profit jumped explained:
YOY - Higher (accounting) profit due to much lower "Change in fair value of investment properties". Like every investment trust be it equity, bonds or properties, the value of these asset classes will have to be revalued every quarter and any changes to them will be reflected into income statement. Hence you can say that these gain/loss are "not real" until they are disposed or sold.

Change in fair value of investment properties:
Q4 2023 - Loss of RM337K
Q4 2022 - Loss of RM19.7 mil (due to MCO impact on commercial space market value)

Since the purpose of this indicator is to explain the volatility experienced by the Trust and not a real P/L experiences, it is a meaningless profit indicator. I remember Buffett wrote something similar to caution his audience on this when the value of his investment portfolio has gone down significantly. While this has to be recorded into his P/L statement and impacted the bottom line, they are not real impact! Especially when he takes long term view on his investment and not short term (quarterly) view.

So what would be a better indicators for profitability?
+ Realised net income from operation
+ Realised capital gain from disposal of investment properties
+ Operating cash flow / Free cash flow

QOQ - Higher (accounting) profit due to significant realised loss in previous quarter, and better occupancy rate in certain properties.

3. Personal Take:
Commercial space for offices and retail will continue to face tough market environment. While recovery took place from MCO as footfall increases, and working in office returned, consumer spending will experience slow down with rising inflation and slower economic growth dampening consumer sentiment.

Income Distribution

Quarterly rpt on consolidated results for the financial period ended 31/03/2023

OTHERSRevaluation of Bangunan AmBank Group, Menara AmBank, Wisma AmFIRST, The Summit Subang USJ, Prima 9, Prima 10, Kompleks Tun Sri Lanang (also known as Jaya 99) and Mydin HyperMall, Bukit Mertajam, pursuant to Chapter 10, Clause 10.02(b)(i) of the Securities Commission's ("SC") Guidelines on Listed Real Estate Investment Trusts (the "SC's Guidelines on Listed REIT") and Malaysian Financial Reporting Standards 140 ("MFRS 140").

Quarterly rpt on consolidated results for the financial period ended 31/12/2022

Change in Principal Officer - MR CHONG HONG CHUON

Change in Boardroom - YM RAJA NAZIRIN SHAH BIN RAJA MOHAMAD

Change in Principal Officer - YM RAJA NAZIRIN SHAH BIN RAJA MOHAMAD