Axis REIT’s first quarter results have been slightly lower than the expectations of research houses largely due to an increase in its one-off expenses.
Analysts Wan Muhammad Ammar Affan and Loong Kok Wen of RHB mentioned that property expenses rose 15.8% q-o-q due to one-off maintenance expenses. “We expect its performance to improve from a possible reversal of the provision, the lack of one-off expenses, as well as income contributions from new acquisitions,” said RHB.
However, other houses such as Kenanga Investment Bank Bhd revised their core net income projections downward for FY2023 to RM162.7 million by 5.8%.Axis REIT has also announced the acceptance of a letter of offer to acquire a logistics warehouse for RM92 million in Kulim, Kedah.