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Market Daily Report: Bursa Malaysia Closes Higher On BNM’s OPR Decision, Wall Street Gains

KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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CapitaLand Malaysia Trust's 2Q NPI Jumps 15.2% to RM65.47m, Announces 1.17 Sen DPU

CapitaLand Malaysia Trust (KL: CLMT) reported a 15.2% increase in its second-quarter net property income (NPI), reaching RM65.47 million. This growth was driven by positive rental reversions and higher occupancies across most of its malls.

Key Financial Highlights:

  • Net Property Income (2QFY2024): RM65.47 million, up from RM56.83 million in 2QFY2023.
  • Gross Revenue (2QFY2024): Increased by 8.5% to RM113.65 million, aided by RM3 million in compensation income from an early lease termination.
  • Distributable Income: Rose to RM33.27 million from RM28.64 million.
  • Distribution Per Unit (DPU): Announced at 1.17 sen per unit, up from 1.06 sen in the same quarter last year. This brings the DPU for the first half of FY2024 to 2.36 sen, compared with 1.93 sen in the first half of FY2023.
  • Dividend Yield: Stands at 7.02%, based on the last traded unit price of 65.5 sen.

First Half of FY2024 Highlights:

  • Net Property Income: Increased by 34.7% to RM129.4 million.
  • Gross Revenue: Grew 23.1% to RM225.54 million.
  • Distributable Income: Rose to RM66.9 million from RM48.44 million in the corresponding period in FY2023.

Contributing Factors:

  • Queensbay Mall: Acquired in March 2023, significantly contributed to the improved earnings.
  • Other Properties: Better performances from Gurney Plaza, Sungei Wang Plaza, 3 Damansara, and Valdor Logistics Hub.
  • Cost Management: Higher maintenance expenses were partly offset by lower utilities costs.

Strategic Initiatives:

  • Asset Enhancement Initiatives (AEI):
    • Gurney Plaza: Upcoming revitalization of its tenancy mix and refurbishment of its entrance driveway, to complete in 2H 2024.
  • New Economy Front:
    • Glenmarie Distribution Centre: Construction is on track to complete in 4Q2024.
    • Investment Opportunities: Active pursuit in logistics and industrial sectors to enhance portfolio resilience and quality.

Occupancy Rates:

  • Retail Occupancy: 92.3% as of June 30.
  • Overall Portfolio Occupancy: 93.1%, including two fully-leased logistics properties.

CLMT’s share price remained unchanged at 65.5 sen, giving the trust a market capitalization of RM1.84 billion.

Key Takeaways for Investors

  1. Strong Financial Performance: Significant increases in NPI and distributable income reflect robust growth.
  2. Strategic Enhancements: Ongoing AEIs and new investments in logistics and industrial sectors are set to bolster portfolio quality.
  3. Stable Occupancy Rates: High occupancy rates demonstrate effective asset and lease management strategies.
  4. Attractive Dividend Yield: A dividend yield of 7.02% makes CLMT an appealing investment for income-focused investors.
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