danmooncake always like that one.. never buy but sell..

AGREE..i raise two hands !

CI still climbing while mine still crawling..

For those who like arreit...

Beats consensus, driven by new acquisitions

Maintain Buy. AAREIT’s 2010 RM41.4m realised net profit (+34% YoY) was within our expectation, but above consensus estimates by 12%. We continue to like AAREIT for its 7.7% 2011 yield (on par with 7.8% industry), and good earnings visibility and sustainability supported by long lease agreements with step-up features. We however lower our forecasts by 3-11% and DCF-based TP by 7 sen to RM1.12 to factor in slower-than-expected completion of three PKNS’s asset acquisitions.
Key highlights from 2010 results. 1) 34% YoY growth in realised net profit was mainly due to contributions from new assets i.e. Selayang Mall and Dana 13, both acquired in May’10. 2) Gearing is maintained at 0.36x as at Dec’10 and it is expected to hit 0.4x post-PKNS asset acquisitions. 3) AAREIT has proposed 1.7 sen DPU, bringing up 2010 total DPU to 7.3 sen (+2.3% YoY), in line.

More assets from new shareholder? AAREIT’s share price has performed well since Sep’10, up by 8%. We believe the rise was partly due to the emergence of new shareholder, PKNS (c. 30%) which provides AAREIT with more acquisition opportunities. AAREIT will be able to tap into PKNS’ property portfolio, including existing assets like De Palma Hotels, Wisma PKNS and future property projects like PJ Elevated City, PJ Sentral Garden City, Kelana Sports City, etc. As a start, AAREIT has proposed to buy Kompleks PKNS, SACC mall and Menara PKNS from PKNS in Sep 2010 for RM270m.

Lowering forecasts. We lower our 2011-12 net profit forecasts by 3-11% as we now expect the three PKNS asset acquisitions to complete in June’11 (previously Jan’11). We introduce 2013 forecast. We expect 3-year DPU CAGR of 4.8% to be driven by: 1) full year contributions from Dana 13 and Selayang Mall, 2) new assets i.e. Kompleks PKNS (retail) and SACC mall (retail) in Shah Alam, as well as Menara PKNS (office) in Petaling Jaya, and 3) rental hike from the existing assets. AAREIT’s investment property value is expected to rise by 30% to c.RM1.2b, from RM913.3m as at Dec ’10 post-PKNS asset acquisitions.

till then you buy at higher price buy la buy la now

anybody experience problem with maybank2u? mine does not show any price quotation. the server disconnected..

thanks moppy. me can log in but show nothing.. haiya..

reits all RED & WHITE except arreit

may signal something

i say the CI will close up 7 pts only!

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Added on February 18, 2011, 4:51 pmmiss 2 pts haha

This post has been edited by sopol: Feb 18 2011, 04:51 PM

everyone cut loss or cut profit. blood everywhere...

you ah..always pop up when market red. kind a RED DEVIL

no green in reits. which one the most delicious to catch?