2020年8月4日

吉隆坡(8月4日):尽管运营环境艰难，而且由于新冠肺炎大流行，零售支出最近有所放缓，但Pavilion KL预计将在其商场开设新品牌。Pavilion KL的首席执行官(零售)拿图克·乔伊斯·雅普(图)告诉theedgemarkets.com:“我们预计在未来几个月还会有几家门店开业，包括大地电影院、克洛伊、Bath & Body Works、史蒂夫·马登和Kam’s Roast。”这是在RMCO(恢复运动控制令)期间在商场开设的新店的基础上——RMCO于6月10日开始，预计于8月31日结束——包括2020年6月的新阿迪达斯旗舰店Brunello Cucinelli和Calia;与此同时，迪奥和卡尔·拉格斐上个月(2020年7月)刚刚开业。Yap指出，移动控制令及其后续版本无疑对零售业务产生了影响。然而，该商场的“入住率保持稳定”。AmResearch在7月24日的一份报告中称，鉴于形势的改善，Pavilion KL的所有者Pavilion REIT的管理层向分析师表示，截至2020年12月31日的财政年度下半年(2HFY20)将更加强劲。当地研究机构补充说，KL馆6月份的入住率保持强劲，为96.4%，而去年为95.6%。然而，6月的入住率为96.4%，低于2019年12月的98%和2020年3月的97.4%。与此同时，CGS-CIMB Research指出，截至6月底，Pavilion Mall约200名租户中有一半仍在谈判租约。 “What was not anticipated in 2Q20 was that tenants across its four retail malls were negotiating much higher rebates which may lead to selective rebates on base rent if tenant sales fail to improve to 50% compared to pre-MCO levels. Across all its retail malls, the group observed an average 60-70% increase in footfall in June compared to the pre-MCO period,” CGS-CIMB Research added in a July 23 report. It lowered its target price for the stock to RM1.54 from RM1.60 and retained its “hold” rating. AmResearch also lowered its fair value for the stock to RM1.91 from RM1.99 based on an unchanged FY21 forward target yield of 4.5%. “At its current price, the stock offers a potential upside of 19.4%, hence we maintain our buy recommendation. PREIT’s long-term outlook remains positive given the diminishing rate of Covid-19 infections in Malaysia while several stimulus plans by the government provide a greater boost to consumer spending. Furthermore, PREIT’s dividend yields of 3.2% for FY20 and more than 5% for FY21 and beyond, offer attractive returns compared to the current low interest rate environment,” it said. For the six months ended June 30, 2020, Pavilion REIT declared a dividend per unit of 1.61 sen. This is lower than the 4.40 sen in the same period last year, 4.34 sen (January to June 2018), and 3.96 sen (January to June 2017). Pavilion REIT’s gross revenue for the first half of 2020 was RM203.1 million, a decrease of RM91.9 million compared with the corresponding period for 2019. This was mainly due to rent rebates given to its tenants not providing essential services and supplies during the MCO period, as well as percentage rent and advertising revenue that were also adversely affected. Total net property income for the six months ended June 30, 2020 dropped 46% year-on-year to RM104.2 million. Management has indicated that it has discontinued its rebates after June 2020. The REIT ended Monday at RM1.50, trading at a dividend yield of 3.81%. The counter was down 1 sen or 0.66%, valuing it at RM4.57 billion. It was listed on Dec 7, 2011 with an initial public offering price per unit of 88 sen for retail and 90 sen for institution. Aside from Pavilion KL, Pavilion REIT’s other assets are Intermark Mall, Elite Pavilion Mall, and Pavilion Tower here, and DA MEN Mall in Subang Jaya.