Financials Axis Real Estate Investment Trust

Equities

AXREIT

MYL5106TO008

Specialized REITs

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-30 pm EDT			5-day change	1st Jan Change
1.84 ^MYR	-.--%		-1.60%	+2.79%

May. 23	Axis Real Estate Investment Trust agreed to acquire Properties Located in Petaling Jaya from Cycle & Carriage Bintang Berhad for MYR 69 million.	CI
Apr. 24	Axis REIT Buys Industrial Complex, Open Storage Yard for MYR352 Million	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,475	2,928	3,171	2,937	3,128	3,215	-	-
Enterprise Value (EV) ¹	3,340	4,000	4,160	4,440	4,631	4,867	5,086	5,225
P/E ratio	10.7 x	20.6 x	14.1 x	15.4 x	14.3 x	19.3 x	17.2 x	16.5 x
Yield	4.61%	4.31%	4.89%	5.45%	4.83%	4.89%	5.5%	5.76%
Capitalization / Revenue	11.1 x	12.6 x	12.9 x	10.3 x	10.8 x	10.5 x	9.42 x	9.09 x
EV / Revenue	15 x	17.2 x	16.9 x	15.6 x	16.1 x	15.9 x	14.9 x	14.8 x
EV / EBITDA	19.5 x	23.1 x	22.9 x	20.8 x	22.2 x	21.2 x	19.7 x	18.6 x
EV / FCF	23.8 x	-39.1 x	-55.4 x	26 x	178 x	33.8 x	21.9 x	21.4 x
FCF Yield	4.19%	-2.56%	-1.81%	3.85%	0.56%	2.96%	4.56%	4.66%
Price to Book	1.22 x	1.38 x	1.25 x	1.14 x	1.11 x	1.14 x	1.14 x	1.14 x
Nbr of stocks (in thousands)	1,398,135	1,442,331	1,634,524	1,641,054	1,747,492	1,747,492	-	-
Reference price ²	1.770	2.030	1.940	1.790	1.790	1.840	1.840	1.840
Announcement Date	1/20/20	1/20/21	1/20/22	1/19/23	1/23/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	222.5	232.2	246.2	284.2	288.4	306.4	341.4	353.9
EBITDA ¹	171.5	173.2	181.7	213.4	208.8	230	258.8	280.3
EBIT ¹	171	172.6	181.1	212.8	208.3	230.6	252.5	269.6
Operating Margin	76.85%	74.33%	73.56%	74.89%	72.24%	75.25%	73.96%	76.18%
Earnings before Tax (EBT) ¹	213.5	142.6	204	191.8	221.6	163.2	186.4	201.1
Net income ¹	209.2	142.1	200.4	190.1	217.8	163.2	184.1	192.5
Net margin	94.05%	61.17%	81.38%	66.89%	75.51%	53.25%	53.92%	54.4%
EPS ²	0.1661	0.0986	0.1380	0.1161	0.1250	0.0953	0.1071	0.1116
Free Cash Flow ¹	140.1	-102.3	-75.14	170.9	25.97	144	231.7	243.6
FCF margin	62.97%	-44.06%	-30.52%	60.13%	9%	46.99%	67.87%	68.83%
FCF Conversion (EBITDA)	81.67%	-	-	80.06%	12.44%	62.6%	89.53%	86.92%
FCF Conversion (Net income)	66.95%	-	-	89.89%	11.93%	88.24%	125.87%	126.52%
Dividend per Share ²	0.0816	0.0875	0.0949	0.0975	0.0865	0.0899	0.1012	0.1060
Announcement Date	1/20/20	1/20/21	1/20/22	1/19/23	1/23/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3
Net sales ¹	-	71.52
EBITDA	-	-
EBIT ¹	-	61.49
Operating Margin	-	85.99%
Earnings before Tax (EBT)	-	-
Net income	46.79	-
Net margin	-	-
EPS	0.0286	-
Dividend per Share	-	-
Announcement Date	7/20/22	10/19/22

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	865	1,072	989	1,503	1,503	1,651	1,870	2,010
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.043 x	6.19 x	5.44 x	7.04 x	7.199 x	7.177 x	7.226 x	7.171 x
Free Cash Flow ¹	140	-102	-75.1	171	26	144	232	244
ROE (net income / shareholders' equity)	6.16%	6.76%	5.86%	6.17%	5.39%	5.8%	6.5%	6.87%
ROA (Net income/ Total Assets)	3.89%	4.41%	3.78%	3.89%	3.31%	3.61%	4.01%	4.17%
Assets ¹	5,383	3,225	5,301	4,891	6,575	4,525	4,596	4,616
Book Value Per Share ²	1.450	1.470	1.550	1.570	1.620	1.620	1.620	1.620
Cash Flow per Share ²	0.1100	0.1200	0.1300	0.1400	0.1100	0.1300	0.1700	0.1900
Capex ¹	19.1	271	266	57.3	173	173	35	35
Capex / Sales	8.6%	116.55%	108.13%	20.15%	59.9%	56.45%	10.25%	9.89%
Announcement Date	1/20/20	1/20/21	1/20/22	1/19/23	1/23/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Axis Real Estate Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1.84 MYR

Average target price

2.003 MYR

Spread / Average Target

+8.88%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Islamic REITs

	1st Jan change	Capi.
AXIS REAL ESTATE INVESTMENT TRUST	+2.79%	683M
AL RAJHI REIT FUND	-5.18%	619M
JADWA INVESTMENT - JADWA REIT SAUDI FUND	-16.42%	557M
SEDCO CAPITAL REIT FUND	-14.58%	388M
RIYAD REIT FUND	-22.57%	314M
ALAHLI CAPITAL - AL-AHLI REIT FUND	-11.05%	295M
ALKHABEER REIT FUND	+0.49%	233M
AL-'AQAR HEALTHCARE REIT	+2.42%	227M
DERAYAH FINANCIAL - DERAYAH REIT FUND	-23.03%	182M
MULKIA GULF REAL ESTATE REIT	-7.11%	155M

Islamic REITs