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· Net Rental Income increased +15.2% YoY (RM29.0m vs RM25.2m) and +1.5% QoQ.
· Net Income Before Taxation increased +9.6% YoY (RM17.3m vs RM15.8m) and more than doubled compared to the preceding quarter (RM7.7m), mainly due to the absence of fair value losses that hit 4Q2025.
2. Strong Dividend Yield:
· Distribution per unit (DPU) for the quarter is 1.93 sen. Annualized, based on a market price of RM1.20, this yields approximately 6.4%. This is a very healthy yield for a REIT.
· The REIT is paying out 95%+ of distributable income, consistent with tax rules.
3. Underlying Demand (Healthcare Expansion):
· The revenue increase is driven by new rental income from new buildings at KPJ Ampang Puteri and KPJ Penang Specialist Hospitals. This shows that the REIT is successfully expanding its asset base within the healthcare sector.
4. Asset Sales (Positioning for Future):
· Al-Aqar is actively disposing of non-core assets (Jeta Gardens in Australia, KPJ Healthcare College in Penang). This is a strategically good move to focus on higher-quality, core Malaysian hospital assets and reduce geographical/operational complexity.
why would the company sell the bUkit mertajam asset for less than book value and market value when it is generating about 8% yield (RM 0.97 million / 12 million)? doesn't make sense.
