Financial Result of ARREIT (as at 30/03/2013)

Quarterly rpt on consolidated results for the financial period ended 31/3/2013

AMANAHRAYA REAL ESTATE INVESTMENT TRUST

Financial Year End	31/12/2013
Quarter	1
Quarterly report for the financial period ended	31/03/2013
The figures	have not been audited

Attachments Financial Report 31032013.pdf 89 KB

• Default Currency
• Other Currency

Currency: Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION 31/03/2013

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/03/2013	31/03/2012	31/03/2013	31/03/2012
		$$'000	$$'000	$$'000	$$'000
1	Revenue	16,747	16,622	16,747	16,622
2	Profit/(loss) before tax	11,368	9,688	11,368	9,688
3	Profit/(loss) for the period	11,368	9,688	11,368	9,688
4	Profit/(loss) attributable to ordinary equity holders of the parent	0	0	0	0
5	Basic earnings/(loss) per share (Subunit)	1.98	1.69	1.98	1.69
6	Proposed/Declared dividend per share (Subunit)	1.88	1.81	1.88	1.81
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.0553		1.0774

最近心情有點煩躁，鬧心的事也不少，要處理的事也多，有一段時間沒跟進了，唉……

ARREIT的成績算不錯，租金收入上升不多，但盈利上升幅度高達17%，稍微留意了官方得分析，主要應該是這個other property operating expenses大幅降度（大概RM1.6m降低到RM0.3m），但無法得知這個expenses的詳情，就沒辦法做進一步觀察。

基本上ARREIT借貸空間（目前gearing ratio 35%左右），它還是有成長空間的，可惜管理層好像都無色不到好的產業，這一點有點可惜。

由於手上有些閑錢，早前稍作加碼在ARREIT以增加一些被動收入。

以目前市價RM1.03而言，如果每一季租金回饋大同小異，周息率還是有6.6%（net），作爲防禦性定存股還算不錯。

Financial Result of LUXCHEM (as at 31/12/2012)

LUXCHEM CORPORATION BERHAD

Financial Year End	31/12/2012
Quarter	4
Quarterly report for the financial period ended	31/12/2012
The figures	have not been audited

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2012	31/12/2011	31/12/2012	31/12/2011
		$$'000	$$'000	$$'000	$$'000
1	Revenue	121,834	130,944	496,877	498,933
2	Profit/(loss) before tax	7,944	6,815	29,367	30,217
3	Profit/(loss) for the period	5,947	5,328	21,951	22,691
4	Profit/(loss) attributable to ordinary equity holders of the parent	5,984	5,345	22,041	22,708
5	Basic earnings/(loss) per share (Subunit)	4.57	4.10	16.89	17.45
6	Proposed/Declared dividend per share (Subunit)	5.50	6.00	8.50	9.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.0500		0.9700

LUXCHEM是目前的組合中成績相對成績不亮眼的一個，全年營業額和盈利稍微下滑，唯變化不大，所以我把它歸類為走勢平穩好了。

當初買入持股也是爲了他的股息，到目前股息囘酬也有接近7%，中規中矩吧。

從disclosure note看到以下兩點比較值得在意。

Expansion of existing operations

As stated in the Prospectus dated 10 Sep 2008, we have intended to utilise approximately RM3.0 million of the proceeds to purchase and install a new reactor and related equipment at our Unsaturated Polyester Plant in Melaka, to increase production capacity by another 50% in order to reach an output of 30,000 metric tones per annum. 

In addition, we intended to utilise approximately RM500,000 of the proceeds to increase

our warehouse storage capacity by installing improved rack systems at our manufacturing plant. We are currently preparing necessary reports to apply for regulatory approval to expand the production capacity. We expect our capacity expansion will be ready by end 2013.

Expansion of business and markets

As disclosed in our Prospectus dated 10 Sep 2008, we intended to utilise RM2.5 million of the proceeds to set up sales and marketing offices in Indonesia, Vietnam and China to improve our services to customers in the region.

The company has set up a subsidiary in Indonesia in Oct 2011.

The setting up of the Representative office in Vietnam was originally scheduled to be completed by Q3 2012.

The company has decided that it will not proceed with the setting up of the Representative office during this financial year. The company will focus on its growth locally, as well as in Indonesia.

海外開拓計劃可說暫時擱置了，LUXCHEM 接下來的方向是增加產能，並專注於本地和印尼市場。

對於這個行業的市場，我不是很熟悉，但營業額和盈利的trend來看，營業蠻高，但profit margin 是有點難看了…… 我覺得 LUXCHEM 得想辦法盡量提升 profit margin （入成本轉嫁）才有比較大機會突圍。當然，提高產能也能進一步降低成本，但相信成效不高……

如果LUXCHEM跌破我的底綫，我會選擇適量的加碼，畢竟股息囘酬還算不錯，就當作一小部分的定存吧。

Financial Result of ARREIT (as at 31/12/2012)

Quarterly rpt on consolidated results for the financial period ended 31/12/2012

AMANAHRAYA REAL ESTATE INVESTMENT TRUST

Financial Year End	31/12/2012
Quarter	4
Quarterly report for the financial period ended	31/12/2012
The figures	have not been audited

SUMMARY OF KEY FINANCIAL INFORMATION 31/12/2012

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31/12/2012	31/12/2011	31/12/2012	31/12/2011
		$$'000	$$'000	$$'000	$$'000
1	Revenue	16,829	16,392	66,915	65,306
2	Profit/(loss) before tax	16,181	41,457	46,887	73,672
3	Profit/(loss) for the period	16,181	41,457	46,887	73,672
4	Profit/(loss) attributable to ordinary equity holders of the parent	0	0	0	0
5	Basic earnings/(loss) per share (Subunit)	2.82	7.23	8.18	12.85
6	Proposed/Declared dividend per share (Subunit)	2.05	1.88	7.45	7.22
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.0774		1.0475

看到那profit少了那麽多，原本還真有點呆了一下。

仔細看了看它的Financial Statement，原來那差距是因爲去年的Revaluation of Properties（2012：RM3.5m； 2011：RM31.143m）大大比今年高才導致今年的profit看似“大縮水”。

而ARREIT面對的隱憂和前一篇提到的沒有太大差別。雖然銀鳥集團再度延長了7.5個月的租凴合約，問題的根本還是存在。

無論如何，這一季的租金囘酬比以往的高了那一點點，算是個小小驚喜。