CapitaLand Malaysia Trust Up After Posting Higher FY2024 Profit

KUALA LUMPUR, Jan 23 (Bernama) -- CapitaLand Malaysia Trust’s (CLMT) share price on Bursa Malaysia was slightly higher in early trading after posting a higher net profit of RM187.15 million for the financial year ended Dec 31, 2024 (FY2024) versus RM163.66 million a year ago.

At 10.20 am, the counter rose by half-a-sen or 0.74 per cent to 68 sen, with 601,800 shares changing hands. 

In a Bursa Malaysia filing yesterday, the company said revenue also improved to RM454.76 in FY 2024 million from RM395.39 million.

The increase was mainly due to the full-year contribution from Queensbay Mall (QBM) after it completed its acquisition towards the end of the first quarter (1Q) of FY2023.

Kenanga Investment Bank Bhd said it remains positive on the group’s strategy in diversifying into the industrial segment, which will remain a small contributor in the medium term.

“Given the promising developments in Penang, we foresee the positive trajectory to continue into FY2025 and FY2026.

“The group reaffirms its direction to acquiring and expanding its industrial segment, with a focus on logistics assets as part of its strategy to diversify its portfolio income streams,” it said.

Kenanga Investment Bank said the Glenmarie distribution centre has secured a tenant who will contribute net property income of up to RM3 million annually from FY2025 while its Valdor Logistic Hub in Penang saw a high rental reversion in the previous quarter.

“We are also pleased with the yield-accretive industrial asset recently acquired by the group, such as Elmina Business Park land. Rental income will commence from FY2026,” it said in a note today.

It said CLMT’s performance will continue to be underpinned by its retail assets in Penang which will benefit from positive consumer sentiment due to robust developments in the industrial space.

It is maintaining an “Outperform” call for CLMT, with a target price of 75 sen from 67.5 sen previously.

-- BERNAMA