2020年8月4日

吉隆坡(8月4日):盡管經營環境艱難，最近由於Covid-19大流行，零售支出放緩，吉隆坡Pavilion KL預計將在其購物中心開設新的品牌。Pavilion KL的首席執行官(零售)拿圖·喬伊斯·雅普(圖)告訴theedgemarkets.com說:“我們預計在未來幾個月裏會有更多的門店開業，包括Dadi Cinema、Chloe、Bath & Body Works、Steve Madden和Kam’s Roast，這些門店將在今年年底前開業。”這是在RMCO(恢複移動控製令)期間在商場開設的新店的基礎上——RMCO於6月10日開始，預計於8月31日結束——包括2020年6月的阿迪達斯新旗艦店Brunello Cucinelli和Calia;與此同時，迪奧和卡爾·拉格菲爾德上個月(2020年7月)剛剛開業。雅浦指出，流動管製令(MCO)及其後續版本無疑對零售業產生了影響。然而，商場的“入住率保持穩定”。AmResearch在7月24日的一份報告中稱，Pavilion KL的所有者Pavilion REIT的管理層曾向分析師表示，鑒於形勢的改善，截至2020年12月31日(2HFY20)的財年下半年將更加強勁。該研究機構補充稱，Pavilion KL 6月份的入住率依然強勁，為96.4%，而去年為95.6%。但6月的入住率為96.4%，低於2019年12月的98%和2020年3月的97.4%。與此同時，聯昌國際谘詢(CGS-CIMB Research)指出，截至6月底，Pavilion Mall約200名租戶中有一半仍在就租約進行談判。 “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.