♦ Slightly below expectations. Quill Capita’s (QC) 3Q10 realised net income
of RM8.7m (+7% yoy; 2% qoq) came in 6% and 10% below ours and
consensus estimates, on an annualised basis. Yoy 3% increase in top-line
was mainly due to increase in rental rates of some properties. Apart from the
filter-down of positive growth in rental contribution, effective capital, tenancy
and asset management by the REIT manager, as well as some write-back of
administrative expenses have also led to a 7% increase in realised net
income.
Quill Capita Trust : Flattish 3Q10 Numbers - 20/10/2010
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