indepth

Aeon hit by weaker consumer spending

The property management segment, on the other hand, continues to be the saving grace for the group, having posted 8.7% y-o-y sales growth, mainly on contributions from its new shopping centres. Last year, Aeon opened a new store in Quill City Mall, Kuala Lumpur, and two new malls in Bukit Mertajam and Taiping.

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Axis REIT completes its 2-for-1 unit split

We believe that the REIT should focus on filling up its vacant spaces in Axis Business Park and Axis Eureka (which currently have occupancy rates of below 60%), as this could potentially boost  distribution per unit contribution by about 3.9 sen.

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Axis REIT’s earnings crimped by higher expenses

FY15 revenue growth of 18% y-o-y was mainly underpinned by the contribution from its new asset acquisitions during the year, and this has more than offset the absence of income from Axis Business Park, which remains untenanted post-refurbishments.

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indepth

Sunway Putra Mall lifts Sunway REIT’s earnings

Revenue growth came mainly from improved contributions from Sunway Putra Mall (+291% quarter-on-quarter [q-o-q]), which was more than enough to offset the drop in rentals from Sunway Tower (-58% q-o-q), as the office tower’s occupancy rate fell to 21% from 67% in FY15.

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