REITs Boosted To Overweight As Yields Decline – Kenanga
REITs Boosted To Overweight As Yields Decline – Kenanga
The positive outlook for Real Estate Investment Trusts (REITs) is driven by optimistic projections for retail, hospitality, and industrial assets in prime locations. This comes despite a flat Overnight Policy Rate (OPR), as Malaysian Government Securities (MGS) yields are expected to decrease further. The current spread between sector yields and MGS yields is now considered attractive, prompting a reassessment of target yields and valuations. In light of this, PAVREIT and SUNREIT have emerged as top picks, with target prices set at RM1.66 and RM1.77 respectively, replacing KLCC which has been impacted by recent share price movements. Analysts have upgraded their sector call on REITs from Neutral to OVERWEIGHT.
房地产投资信托(REITs)的积极前景得益于对零售、酒店和工业资产在黄金位置的乐观预测。尽管马来西亚政府债券收益率预计会进一步下降,但随着板块收益和政府债券收益率之间的当前利差被认为是有吸引力的,人们开始重新评估目标收益和估值。基于这一点,PAVREIt和SUNREIt已崭露头角,目标价分别设定为RM1.66和RM1.77,取代了因最近股价波动而受到影响的KLCC。分析师已经将他们对REITs板块的中立看法升级为看涨。
The retail sector remains vibrant, bolstered by a surge in tourist arrivals and robust rental reversions. The Malaysian government anticipates welcoming 27 million tourists in 2024, a significant increase from 20 million in 2023. High-profile assets in prime locations, such as Suria KLCC and Pavilion KL, are benefiting from this influx. Retail spaces in Klang Valley and Penang are thriving, with malls like Sunway Pyramid and Gurney Plaza reporting strong rental revenue growth. However, REITs focused on retail are keeping a cautious eye on potential market headwinds, including proposed government policies and the luxury tax.
零售板块依然繁荣,受到游客增加和租金调整的支撑。马来西亚政府预计2024年将迎接2700万游客,远高于2023年的2000万。在黄金地段的知名资产,如双威KLCC和柏威年广场,受益于这一涌入。雪隆谷和槟城的零售空间蓬勃发展,像双威金字塔和葛尼百汇等购物中心报道了强劲的租金收入增长。然而,专注零售的REITs正谨慎关注潜在的市场逆风,包括政府提议的政策和奢侈品税。
The industrial sector is showing strong performance, particularly in Johor, driven by data centre investments and substantial foreign direct investment (FDI) inflows. AXREIT, a key player in this sector, is nearing full occupancy for its industrial assets, with significant rental reversions in Johor. Meanwhile, CLMT is expanding into the industrial sector as part of its growth strategy.
工业板块表现强劲,特别是在柔佛,得益于数据中心投资和大规模外国直接投资(FDI)流入。作为该板块的主要参与者,AXREIt的工业资产接近满租,柔佛的租金调整显著。与此同时,作为其增长策略的一部分,CLMt正在拓展到工业板块。
In the office space segment, despite an oversupply in many areas, locations such as the KL Fringe and Petaling Jaya are seeing resilient demand due to their affordability compared to KL city centre. Sentral REIT is benefiting from high occupancy rates in its office buildings outside of the city centre.
在办公空间领域,尽管许多地区供应过剩,但KL Fringe和八打灵再也等地区由于相对于吉隆坡市中心的价格可负担性而看到了坚挺的需求。Sentral REIt受益于该公司位于市中心以外的办公楼的高入住率。
As MGS yields decline, from a peak of 4.57% in October 2022 to a current 3.75%, analysts have recalibrated target yields for REITs. CLMT and IGBREIT are highlighted for better valuations due to lower earnings risk and higher stability in mid-range malls. The MGS yield is expected to decrease further to around 3.6%, aligning with historical averages. This recalibration reflects a more favourable outlook for certain REITs, reinforcing the sector's attractiveness for yield-seeking investors.
随着马来西亚政府债券收益率的下降,从2022年10月的4.57%降至当前的3.75%,分析师已经重新调整了房地产投资的目标收益率。由于较低的盈利风险和中等级别购物中心的更高稳定性,CLMt和IGBREIt被纳入更好的估值。预计MGS收益率将进一步下降至约3.6%,与历史平均水平保持一致。这种重新调整反映了对某些房地产投资的更有利的前景,进一步增强了该板块对寻求收益的投资者的吸引力。