♦ Within expectations. Axis REIT’s 3Q10 realised net profit of RM12.6m
(+22.8% yoy; +3.9% qoq) was in line with our expectation and consensus
estimates. The headline net profit of RM24.3m included a fair value gain
amounted to RM11.7m arising from the revaluation of 7 properties.
Sequential revenue increased by 6.5%, mainly attributed to the contribution
of Quattro West (formerly known as Nestle House), which commenced its
operations in Aug, as well as positive rental reversion of 6.1% up to Sept
2010. A 4 sen DPU was declared for 3Q10. Including the 7.7 sen DPU paid in
1H10, 9M10 DPU amounted to 11.7 sen, on track to meet our FY10 DPU
forecast of 16.7 sen.
Axis REIT : Quattro West Started To Contribute - 21/10/2010
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