Amanahraya Real Estate Investment Trust

【 产托 】AmanahRaya REITs | 转型中的 REITs？

📈 股价（2024/08/23）：RM0.310
🪙 P/E：91.12 倍
📊 股息率：1.16%
💎 NTA：RM1.270

在正常情况之下，产托（“REITs”）都是属于稳稳吃米粉的投资，那为什么今天讨论的这家 AmanahRaya REITs（ARREIT、5127）被说成 ”转型中“ 呢？

如果打开该产托的股价图，基本上可以看到 ARREIT 呈严重的下跌趋势，而公司的 NTA 也对比上个星期的股价出现相当大的差异，折价大约 75.20% 左右。

但同时间，ARREIT 的股息率也只有 1.14%，那么为什么坐拥那么多的产业，但是盈利以及派发股息的能力却下跌呢？

#产业简介

按照现有的资料来看，ARREIT 共有 11 个产业，这些产业涵盖了办公室、零售、教育、酒店以及工业型的产业；那么毫无疑问，ARREIT 属于一个混合型的产托。

虽然坐拥众多产业，但由于行业过于零散，导致在管理上并没有占据太多的优势，在运营上也并不容易，因此大家也可以看到，ARREIT 在近期内也在持续的出售产业，以整合公司的产业组合。

举例来说，ARREIT 在 2024 年 6 月份就以 RM42.5 million 的价格出售位于 Cyberjaya 的 Contraves（办公楼）产业，而在这之前，他们也完成了 Holiday Villa Beach Resort and Spa Langkawi 的出售，价格为 RM145.0 million。

除去这些产业之外，ARREIT 的 3 个表现最好的产业就包括了 Kota Damansara 的 SEGi University，Jalan Samantan 的 HELP University，以及位于 Subang Jaya 的 Alfa University College。

这些产业之所以 “好”，是因为他们普遍以 Triple Net Lease 的形式租赁；简单来说就是，ARREIT 在收取租金的时候已经是扣除了产业的税务、保险、以及维护维修的成本，也可以说大部分的风险已经转移到租户上。

当然，一般上 Triple Net Lease 的租赁期也比较长，租金也会相对比较便宜，不过这就胜在他们不需要花太多时间进行管理。

除了以上提及的产业之外，ARREIT 旗下还有 Vista Tower（Intermark 上面的办公楼）、Dana 13、Dana 1 Commercial Centre、Shah Alam 的 Wisma Comcorp、Glenmarie 的 IHT Rehabilitation Centre（“IHT”）、Nusaya 的 RHF Store Factory、Salayang Mall、以及位于 Alor Setar 的 Ex-Holiday Villa。

以上的产业看起来眼花缭乱，读者也不用特别去记，但据个人所理解的是，因为近期内 Comcorp 大股东易主，因此 ARREIT 的 Wisma Comcorp 出租率被影响，而 Vista Tower 反而从不足 40.0% 出租率在最近反弹到 60.0% 以上。

另外，版主也打听到 ARREIT 有意出售 Dana 13 以及 Ex-Holiday Villa 产业。

但在卖了那么多的产业后，ARREIT 接下来又有什么发展方向呢？

#未来方向

接下来，ARREIT 将会朝着 3 种产业方向奔去，第一个就是刚才提到以 Triple Net Lease，以教育型租户为主的产业（因为换 Campus 难，所以租户粘性很高）、第二是目前市场需求很高的工业型产业、而第三则是医疗、健康的 “Wellness”。

刚才我们看到，ARREIT 的其中一个租户是 IHT，而 IHT 则是 PERKESO（SOCSO）的合作伙伴，目前 IHT 也在扩张他们的康复中心数量中，未来不排除会跟 ARREIT 配合。

总而言之，这家产托在不久前换了管理层，现在也针对产业进行 “换血”，不断地卖出和买入产业，至于他们会成功，还是属于未知之数，但好在他们的杠杆比例不高，大约为 42.19% 左右，还有融资的空间。

那么，读者们如何看待 ARREIT 的转型，对于他们转型成功是否有信心？

照片来源：The Edge

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版主并非是持牌的股票分析员，所以我们并不会提供你任何的买卖建议，如果有需要的话，可以找持牌的股票分析员或持牌的股票经纪人询问。

版主目前的身份是 iFast Capital Sdn. Bhd.、TA Securities Holdings Berhad 以及 moomoo Securities Malaysia Sdn. Bhd. 的 Marketing Representative，并且也是独立的财经内容撰写人，并无提供财务咨询的服务。

在编写这篇文章时，或在短期内（3 个月内），版主本身有兴趣投资或已持有上述的公司，除非有新的因素出现，因此，读者们务必要检查该内容的独立性。

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$ARREIT / 5127 (AMANAHRAYA REAL ESTATE INVESTMENT TRUST)

$ARREIT / 5127 (AMANAHRAYA REAL ESTATE INVESTMENT TRUST) AmanahRaya REIT signs Alfa International College as new tenant for Subang Jaya property

KUALA LUMPUR (July 18): AmanahRaya Real Estate Investment Trust (KL:ARREIT) said on Thursday that it has signed a long-term tenancy agreement with Alfa International College Sdn Bhd for its property in Subang Jaya.

The tenancy agreement with Alfa coincides with the expiry of the tenancy agreement with SEGi College on Feb 28, and it spans a lease term of 18 years on a triple net lease arrangement. The college is expected to begin operations by the fourth quarter of the year, said the trust in a statement.

The property, located within Subang Jaya in USJ1, boasts a 12-storey purpose-built building fitted for educational purposes, held under a freehold tenure.

Read more: https://cutt.ly/4ejc4vep

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONS (Amended Announcement)AMANAHRAYA REAL ESTATE INVESTMENT TRUST (ARREIT OR FUND)

PROPOSED DISPOSAL BY PACIFIC TRUSTEES BERHAD FOR AND ON BEHALF OF ARREIT OF A PROPERTY LOCATED WITHIN CYBERJAYA, SELANGOR DARUL EHSAN TO 4X SOFTWARE SDN BHD (PROPOSED DISPOSAL)

$ARREIT / 5127 (AMANAHRAYA REAL ESTATE INVESTMENT TRUST)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSAMANAHRAYA REAL ESTATE INVESTMENT TRUST (ARREIT OR FUND)

PROPOSED DISPOSAL BY PACIFIC TRUSTEES BERHAD FOR AND ON BEHALF OF ARREIT OF A PROPERTY LOCATED WITHIN CYBERJAYA, SELANGOR DARUL EHSAN TO 4X SOFTWARE SDN BHD (PROPOSED DISPOSAL)

Change of Address

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

OTHERSAMANAHRAYA REAL ESTATE INVESTMENT TRUST ("ARREIT")

PROPOSED AMENDMENTS TO THE AMENDED AND RESTATED DEED DATED 5 DECEMBER 2019 ("AMENDED AND RESTATED DEED") BETWEEN AMANAHRAYA-KENEDIX REIT MANAGER SDN BHD ("MANAGER"), BEING THE MANAGEMENT COMPANY OF ARREIT AND PACIFIC TRUSTEES BERHAD ("TRUSTEE").

OTHERSAMANAHRAYA REAL ESTATE INVESTMENT TRUST ("ARREIT")

PROPOSED AMENDMENTS TO THE AMENDED AND RESTATED DEED DATED 5 DECEMBER 2019 ("AMENDED AND RESTATED DEED") BETWEEN AMANAHRAYA-KENEDIX REIT MANAGER SDN BHD ("MANAGER"), BEING THE MANAGEMENT COMPANY OF ARREIT AND PACIFIC TRUSTEES BERHAD ("TRUSTEE").

OTHERSPROPOSED AMENDMENTS TO THE AMENDED AND RESTATED DEED DATED 5 DECEMBER 2019 ("AMENDED AND RESTATED DEED") BETWEEN AMANAHRAYA-KENEDIX REIT MANAGER SDN BHD ("MANAGER"), BEING THE MANAGEMENT COMPANY OF AMANAHRAYA REAL ESTATE INVESTMENT TRUST ("ARREIT") AND PACIFIC TRUSTEES BERHAD ("TRUSTEE").

General Meetings: Outcome of Meeting

Annual Report & CG Report - 2023

General Meetings: Notice of Meeting

CIRCULAR TO UNITHOLDERS IN RELATION TO THE PROPOSED AMENDMENTS TO THE AMENDED AND RESTATED DEED

OTHERSPROPOSED AMENDMENTS TO THE AMENDED AND RESTATED DEED DATED 5 DECEMBER 2019 ("AMENDED AND RESTATED DEED") BETWEEN AMANAHRAYA-KENEDIX REIT MANAGER SDN BHD ("AKRM" OR "MANAGER"), BEING THE MANAGEMENT COMPANY OF AMANAHRAYA REAL ESTATE INVESTMENT TRUST ("ARREIT") AND PACIFIC TRUSTEES BERHAD ("TRUSTEE").

OTHERSREVISION OF MANAGER'S FEE

ARREIT - Notice of Book Closure

Income Distribution

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

Change of Address

Change in Boardroom - MR MOHD ISKANDAR DZULKARNAIN BIN RAMLI

OTHERS (Amended Announcement)COMPLETION OF DISPOSAL OF 4-STAR BEACH RESORT HOTEL BUILDING WITH 238 ROOMS KNOWN AS HOLIDAY VILLA BEACH RESORT & SPA LANGKAWI IN LANGKAWI, KEDAH

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSCOMPLETION OF DISPOSAL OF 4-STAR BEACH RESORT HOTEL BUILDING WITH 238 ROOMS KNOWN AS HOLIDAY VILLA BEACH RESORT & SPA LANGKAWI IN LANGKAWI, KEDAH

Change in Boardroom - MR AHMAD FEIZAL BIN SULAIMAN KHAN

OTHERSAMANAHRAYA REAL ESTATE INVESTMENT TRUST ("ARREIT")
- Investment and Tender Committee

Change in Audit Committee - DATO' MOHAMMED NOOR AZMALL BIN JAMALUDDIN

$ARREIT / 5127 (AMANAHRAYA REAL ESTATE INVESTMENT TRUST)
Research by RHB
Not Rated - FV RM 0.51
“Turnaround With a Focus On Education”

MYR0.51 FV based on DDM (Ke: 9%). We think that AmanahRaya REIT is at an inflection point. After a series of tenancy non-renewals since the pandemic, it has secured new tenants that will increase its occupancy rates. ARRET is also embarking on a strategic pivot to focus on education assets – we think provides a more defensive and stable supply of income than its office assets. It signed a sale & purchase agreement (SPA) for the disposal of its hospitality assets as part of its portfolio rebalancing efforts

Analyst:
Wan Muhammad Ammar Affan
ammaraffan@rhbgroup.com

OTHERSAMANAHRAYA REAL ESTATE INVESTMENT TRUST ("ARREIT")

Change in Audit Committee - PUAN AIDA MOSIRA BINTI MOKHTAR

Change in Audit Committee - ENCIK WAN AZMAN BIN ISMAIL