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亚马逊云账号(www.2km.me)_Mall, office REITs look attractive as recovery play

admin2021-10-1016

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Kenanga research maintains its “overweight” call on the REIT sector and its preferred picks are Axis REIT (pic) (outperform; target price RM2.15) and KLCC REIT (outperform; target price RM7.35) in light of their rock-stable earnings.

THE resumption of economic activity amid the easing up of lockdown restrictions has seen equity analysts maintaining their upbeat outlook on Malaysian real estate investment trusts (REITs), particularly in the retail and office segments.

Kenanga Research believes the fourth quarter of 2021 should see a significant improvement for the retail segment’s earnings in the form of revenge shopping and hospitality segment from an uptick in local holiday stays.

“Investors should be looking ahead to normalised financial year 2022 (FY22) earnings.

“The quick rollout of vaccinations and the resumption of most economic activities are well within our expectation of a fourth-quarter 2021 earnings rebound,” says Kenanga Research.

The research unit points out that the economy had begun opening up in August and September 2021, with most malls currently operating at 80% to 90% of net lettable area (NLA), versus only 15% to 25% in the second quarter of 2021.

The research unit also notes that the office and industrial segments under its coverage have been fairly stable, as businesses were able to operate effectively on a work-from-home (WFH) basis without significant disruptions to operations.

However, Kenanga Research opines that over the long run, offices may see a decline in demand, either from shorter lease terms or tenants requiring smaller office space as the WFH policy may be here to stay and is cost effective.

This is further exacerbated by the pre-existing oversupply of offices in the Klang Valley, which will continue to put downward pressure on office prices.

“That said, this situation does not apply to KLCC REIT, which operates heavily in the office segment, as most of its leases are already secured on long-term basis (over 10 years versus retail of two to three years) and with easy-to-manage triple-net-lease structure,” says Kenanga Research.

The research firm maintains its “overweight” call on the REIT sector and its preferred picks are Axis REIT (outperform; target price RM2.15) and KLCC REIT (outperform; target price RM7.35) in light of their rock-stable earnings.

Meanwhile, UOB Kay Hian Research says as Malaysia’s economy reopens, businesses would have a more positive attitude towards capital expenditure, which could lead to higher demand in office space, supported by the rebound in domestic consumption.

UOB Kay Hian Research points out that offices in strategic locations will continue to be resilient, as evidenced by KLCC REIT and Sentral REIT’s steady earnings throughout the pandemic.

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