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chơi tài xỉu ở đâu:Aeon sees stronger 4Q

时间:2个月前   阅读:3

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PETALING JAYA: Aeon Co (M ) Bhd expects a stronger fourth quarter (4Q22), to be driven by a shopping spree ahead of festivities including Christmas and Chinese New Year in early January 2023, says Kenanga Research.

The added boost is the new school term in January 2023, where the entire student population goes back to school concurrently for the first time since the pandemic in 2020.

The average occupancy rate at its malls is also expected to rise to 90% to 92% in 4Q22 versus 89.9% in the first half of financial year 2022 (1H22), said Kenanga Research in its latest report.

“The unoccupied space is gradually taken up by new tenants such as food and beverage restaurants (Sushi Zanmai, llao llao and Taco Bell), fashion outlets (Uniqlo and H&M), service and entertainment stores and other businesses

“Rental income is on the rise and apart from a higher overall occupancy rate, rental incomes will be boosted by an improved tenant mix,” the research house noted.

An interesting point is that variable rental incomes, which is a cut from the tenant’s sales, makes up 43% of total rental incomes in 1H22.

First introduced during the pandemic to retain tenants, Aeon intends to continue this rental structure that is skewed towards the variable element, although the pandemic is now moving to an end.

Aeon is highly conscious of its symbiotic relationship with the tenants.

Total quarterly rental incomes of RM157.2mil in 2Q22 were already at 90% of the RM175mil achieved in 2Q19 prior to the pandemic.

Aeon expects its 3Q22 performance to soften sequentially, which is understandable after a bumper 2Q22, it said.

It said the 2Q22 performance was buoyed by the full opening of the economy and coupled with the Hari Raya Aidilfitri shopping spree.

There is no change to Aeon’s financial year 2022 (FY22) capital expenditure plans of RM200mil to RM300mil, of which 80% is earmarked for the refurbishment of three malls namely Alpha Angle Aeon, Cheras Selatan Aeon and Malacca Aeon and also, various stores.

The remaining 20% is for information technology including self-checkout terminals. It is introducing self-checkout terminals in 41 stores and the terminals are already up and running in 26 of them.

Kenanga Research likes Aeon for being a reopening play underpinned by the return of shopping in person versus online, shopping in malls versus neighborhood grocers and the office crowd versus work-from-home arrangement.

Aeon’s customer base is skewed towards the M40 group, whose spending power is less impacted by high inflation, and its digital transformation, particularly the introduction of self-checkout for customers.

Kenanga Research maintained its forecasts and target price of RM1.95 a share. It has an “outperform’’ call on the stock.

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