With an average contract term of 27.4 years, it comprises RBF, RBW and cold storage with 279,319 sq m and 85,580 kl liquid chemical storage tanks from eight sponsors (Fig. 6) with a current market capitalization of 7.1 billion. baht
Analysis
Dividend Increase for Nine Consecutive Quarters
AIMRT acquired ownership of Living and Facilities, size 10,955 sq m on May 5th (335 million baht, using the whole bank loan), increasing profit from its core business by 1.0% qoq to 143.5 million baht, and As a result, AIMIRT pays a dividend of 0.2225 baht/share for 2Q performance.
HIGH RENTAL RATE AND LONG WALE
AIMIRT’s leasing rate held high at 99.5% in 2Q, above the group average of 90%, with a full 100% renewal rate of contracts expiring in 1H22. The weighted average age of leasehold rights (WALE) of the fund is up to 6.3 years, with the lease term expiring (Fig. 14-15) less than 30% of income each year.
Aims to double the purchase of assets by 2025
AIMIRT has a plan to double the asset purchase (from 10 billion baht at present) by 2025, which will make the investment portfolio. and customers are more distributed In addition, the higher market value will increase the trading liquidity of AIMRT.
Action/ Recommendation
The real rate of return is attractive.
AIMIRT pays a dividend of 0.444 baht per share for the 1H period, representing a yield of 7.2% per annum and an attractive annualized real yield of 6.1% (return – cost of investment using a straight-line method). AIMRT also has a good trust structure with 63% freehold assets and 37% leasehold rights, and has an average contract term of 27.4 years.