Financials KLCC Property Holdings

Equities

KLCC

MYL5235SS008

Commercial REITs

End-of-day quote BURSA MALAYSIA Other stock markets 03:30:00 29/04/2024 am IST			5-day change	1st Jan Change
7.52 ^MYR	-2.46%		+1.21%	+6.06%

24/04	KLCC Property Holdings Berhad Approves Appointment of Ernst & Young PLT as Auditors	CI
23/04	KLCC Property Holdings Berhad completed the acquisition of remaining 40% stake in Suria KLCC Sdn Bhd from Ocmador City Retail Centre Sdn Bhd, Port Moresby Investments Limited and Bold Peak Sdn. Bhd.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	14,262	12,782	11,825	12,114	12,800	13,576	-	-
Enterprise Value (EV) ¹	15,725	14,260	13,241	13,387	13,972	16,146	16,050	15,967
P/E ratio	18 x	29.6 x	23.8 x	15.5 x	13.7 x	16.9 x	15.9 x	15 x
Yield	4.81%	4.24%	5.13%	5.66%	5.71%	5.4%	5.77%	6.1%
Capitalization / Revenue	10 x	10.3 x	10.1 x	8.3 x	7.91 x	8.35 x	8.2 x	7.88 x
EV / Revenue	11.1 x	11.5 x	11.3 x	9.17 x	8.63 x	9.93 x	9.69 x	9.27 x
EV / EBITDA	14.8 x	17.5 x	15.9 x	13.3 x	13.3 x	14.7 x	14.3 x	13.9 x
EV / FCF	16.7 x	18.6 x	18.2 x	13.2 x	13.5 x	21.2 x	18 x	16.6 x
FCF Yield	5.99%	5.39%	5.5%	7.57%	7.43%	4.72%	5.56%	6.04%
Price to Book	1.08 x	0.98 x	0.91 x	0.92 x	0.96 x	1.12 x	0.98 x	1 x
Nbr of stocks (in thousands)	18,05,333	18,05,333	18,05,333	18,05,333	18,05,333	18,05,333	-	-
Reference price ²	7.900	7.080	6.550	6.710	7.090	7.520	7.520	7.520
Announcement Date	23/01/20	27/01/21	28/01/22	31/01/23	07/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,423	1,239	1,171	1,459	1,619	1,626	1,656	1,723
EBITDA ¹	1,063	814.8	831.8	1,004	1,053	1,096	1,119	1,146
EBIT ¹	1,020	764.5	785.2	958.8	1,020	1,070	1,092	1,138
Operating Margin	71.68%	61.69%	67.05%	65.7%	63.01%	65.83%	65.98%	66.02%
Earnings before Tax (EBT) ¹	1,071	546.8	565.8	1,019	1,187	966.7	980.4	1,006
Net income ¹	790.2	432.2	495.9	782.7	931.3	806.7	859.5	903.3
Net margin	55.53%	34.88%	42.34%	53.63%	57.52%	49.61%	51.9%	52.43%
EPS ²	0.4377	0.2394	0.2747	0.4335	0.5159	0.4441	0.4725	0.5010
Free Cash Flow ¹	941.4	768.3	727.8	1,014	1,038	762	893	964
FCF margin	66.15%	62.01%	62.15%	69.48%	64.11%	46.87%	53.93%	55.95%
FCF Conversion (EBITDA)	88.53%	94.3%	87.49%	101.01%	98.58%	69.52%	79.82%	84.12%
FCF Conversion (Net income)	119.14%	177.79%	146.78%	129.54%	111.47%	94.46%	103.9%	106.72%
Dividend per Share ²	0.3800	0.3000	0.3360	0.3800	0.4050	0.4058	0.4338	0.4588
Announcement Date	23/01/20	27/01/21	28/01/22	31/01/23	07/02/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q1
Net sales	-
EBITDA	-
EBIT ¹	251.4
Operating Margin	-
Earnings before Tax (EBT)	-
Net income ¹	180.6
Net margin	-
EPS ²	0.1000
Dividend per Share	-
Announcement Date	29/05/23

¹MYR in Million²MYR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,463	1,478	1,416	1,274	1,172	2,570	2,474	2,391
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.376 x	1.814 x	1.703 x	1.269 x	1.113 x	2.345 x	2.211 x	2.086 x
Free Cash Flow ¹	941	768	728	1,014	1,038	762	893	964
ROE (net income / shareholders' equity)	6.01%	3.3%	3.81%	5.99%	7.04%	5.86%	6.11%	8.52%
ROA (Net income/ Total Assets)	4.38%	2.39%	2.76%	4.34%	5.11%	4.55%	4.57%	4.54%
Assets ¹	18,036	18,103	17,966	18,023	18,225	17,739	18,802	19,888
Book Value Per Share ²	7.320	7.210	7.210	7.270	7.390	6.720	7.710	7.500
Cash Flow per Share ²	0.5800	0.4500	0.4300	0.5700	0.5800	0.4300	0.5100	0.5500
Capex ¹	99.2	40.1	47	12.5	14.7	9	24.4	21.2
Capex / Sales	6.97%	3.24%	4.01%	0.86%	0.91%	0.55%	1.47%	1.23%
Announcement Date	23/01/20	27/01/21	28/01/22	31/01/23	07/02/24	-	-	-

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 KLCC Property Holdings

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.52 MYR

Average target price

7.743 MYR

Spread / Average Target

+2.96%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
KLCC PROPERTY HOLDINGS	+6.06%	2.85B
REALTY INCOME CORPORATION	-5.42%	46.77B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-6.01%	20.84B
SEGRO PLC	-3.50%	13.18B
UNIBAIL-RODAMCO-WESTFIELD SE	+17.15%	11.68B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-5.34%	9.7B
FEDERAL REALTY INVESTMENT TRUST	+0.23%	8.57B
CAPITALAND ASCENDAS REIT	-14.52%	8.4B
KLÉPIERRE	+1.86%	7.69B
FIBRA UNO	-18.65%	5.58B

Other Commercial REITs