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Hektar Real Estate Investment Trust Stock Price

KLSE:HEKTAR Community·RM 312.1m Market Cap
  • 3 Narratives written by author
  • 0 Comments on narratives written by author
  • 19 Fair Values set on narratives written by author

HEKTAR Share Price Performance

RM 0
-0.43 (-100.00%)
RM 1.00
Fair Value
RM 0
-0.43 (-100.00%)
Price RM 0

HEKTAR Community Narratives

Fair Value
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Fair Value RM 1 56.5% undervalued intrinsic discount

Hektar REIT: Deep Value, Attractive Yield, and a Portfolio Transformation Story in the Making

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Fair Value
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Fair Value RM 0.49 11.2% undervalued intrinsic discount

Hektar REIT: Outlook is getting more interesting as retail stabilises and diversification starts to kick in

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Fair Value
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Fair Value RM 0.58 25.0% undervalued intrinsic discount

Hektar REIT's 3Q2024 Results: Positive

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Hektar Real Estate Investment Trust

Hektar REIT's 3Q2024 Results: Positive

28 November 2024 Catalysts 1. Hektar REIT (KLSE: 5121) portfolio of retail and education properties throughout Malaysia.Read more

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RM 0.58
25.0% undervalued intrinsic discount
Fair Value
Revenue
21.17% p.a.
Profit Margin
39.17%
Future PE
7.75x
Price in 2029
RM 0.37

Trending Discussion

Updated Narratives

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Hektar REIT: Deep Value, Attractive Yield, and a Portfolio Transformation Story in the Making

Fair Value: RM 1 56.5% undervalued intrinsic discount
3 users have set this as their fair value
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0 users have liked this narrative
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Hektar REIT:零售资产逐步企稳,非零售布局开始发力,前景正在慢慢改善

Fair Value: RM 0.49 11.2% undervalued intrinsic discount
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Hektar REIT's 3Q2024 Results: Positive

Fair Value: RM 0.58 25.0% undervalued intrinsic discount
9 users have set this as their fair value
0 users have commented on this narrative
0 users have liked this narrative

Snowflake Analysis

Slight risk second-rate dividend payer.

4 Risks
0 Rewards

Hektar Real Estate Investment Trust Key Details

RM 125.7m

Revenue

RM 74.1m

Cost of Revenue

RM 51.6m

Gross Profit

RM 32.4m

Other Expenses

RM 19.2m

Earnings

Last Reported Earnings
Mar 31, 2026
Next Reporting Earnings
n/a
0.027
41.05%
15.31%
81.4%
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About HEKTAR

Founded
2006
Employees
n/a
CEO
Zainal Bin Ismail
WebsiteView website
www.hektarreit.com

Hektar Real Estate Investment Trust (Hektar REIT) is Malaysia’s first listed retail-focused REIT. The primary objectives of Hektar REIT are to provide unitholders with sustainable dividend income and to achieve a long-term capital appreciation of the REIT. Hektar REIT was listed on the Main Market of Bursa Malaysia Securities Berhad on December 4, 2006 and currently owns 2 million square feet of retail space and an education property across 4 states with total assets valued at RM1.39 billion. On 19 February 2025, The Manager has announced the proposed acquisition of an industrial property located in Bayan Lepas, Penang for RM30 million, marking Hektar REIT’s dedication to diversification for yield-accretive non-retail assets, being the first industrial asset in its portfolio. On 24 June 2025, The Manager also announced the proposed acquisition of 90% equity stake of Terramark Sdn Bhd, a real estate backed vehicle with strategic land parcel in Chuping, Perlis earmarked for solar farm development. Hektar REIT is managed by Hektar Asset Management Sdn Bhd. Hektar REIT’s portfolio of diversified properties includes Subang Parade in Subang Jaya, Selangor; Mahkota Parade in Melaka; Kolej Yayasan Saad in Ayer Keroh, Melaka; Wetex Parade & Classic Hotel in Muar, Johor; Central Square in Sungai Petani, Kedah; Kulim Central in Kulim, Kedah and Segamat Central in Segamat, Johor. Hektar Real Estate Investment Trust was incorporated on October 5th, 2006 in Malaysia.

Recent HEKTAR News & Updates

New Narrative May 27

Hektar REIT: Deep Value, Attractive Yield, and a Portfolio Transformation Story in the Making

For many investors, Hektar REIT has long been viewed primarily as a retail-focused REIT exposed to the challenges of the mall segment. But looking closer today, the investment narrative may be changing.
Narrative Update Apr 09

Hektar REIT:零售资产逐步企稳,非零售布局开始发力,前景正在慢慢改善

如果过去市场对 Hektar REIT 的印象,还是停留在“传统零售商场 REIT”,那现在可能要开始重新看了。因为从最新的发展来看,Hektar 的故事已经不只是等商场人流复苏,而是逐步走向 “零售企稳 + 非零售扩张” 的双主线。 先看最新业绩。根据 Hektar REIT 公布的 2025年第四季业绩 ,集团季度营业额按年增长 2.4% 至 RM30.75 million ,税后净利按年增长 11.1% 至 RM5.90 million 。同时,管理层也宣布派发 每单位 1.13仙 的分派。对 REIT 投资者来说,这种“业绩改善 + 继续派息”的组合,本身就是一个比较正面的讯号。 零售组合方面,情况也比市场想象中稳。Hektar 表示,截至 2025 年底,其 零售资产组合承租率(committed occupancy)提升至 85.8% ,同时录得 2.5% 正租金调整(positive rental reversion) 。如果再看业绩简报里的数据,2025年第四季整体租金调整更达到 5.3% 。这说明什么?说明它旗下商场虽然未必进入非常强劲的扩张期,但至少租赁情况已经不像过去那样疲弱,反而开始出现比较明确的企稳迹象。 更值得留意的是,Hektar 现在的前景,已经越来越不只是靠商场。管理层在最新发布中明确提到,集团正通过 三项非零售、具收益增值(yield-accretive)的收购 来推动多元化,并预计这些新资产会从 2026年第一季开始贡献收入 。这一点很重要,因为它意味着 Hektar 正在主动降低对零售租金的单一依赖,把投资组合带往更稳定、更可预测的租金模式。 其中最受关注的一项,就是位于槟城 Bayan Lepas 的轻工业资产收购,作价 RM30 million 。根据公开资料,这项资产具备 三净租约(triple-net lease) 架构,并且有大约 7.5% 的收益率 。对 REIT 来说,这类工业资产通常比零售资产更容易提供稳定现金流,而三净租约更意味着物业营运成本大部分由租户承担,收入质量会相对更高。 除了工业资产,Hektar 也在布局教育相关资产。它在 2025 年宣布收购与 Kolej Yayasan Saad 相邻的土地,并签下 30年租赁协议 ,租金还附带 每3年调高10% 的机制。这样的资产,对 REIT 来说价值不只是“有租收”,更在于其租约年期长、现金流可见度高,能为整体投资组合带来更稳健的收入基础。 从投资逻辑来看,这也是为什么 Hektar 的前景开始变得比较有意思。过去它比较容易被当成单纯的零售 REIT 来看,所以估值和市场情绪往往直接跟着商场人流、消费情绪走。但现在不一样了。随着工业、教育和长期租赁型资产逐步加入,Hektar 的收入结构正在变得更平衡,也更有机会获得市场重新估值。 当然,要讲得平衡一点,Hektar 也不是一下子就会变成完全不同的 REIT。零售资产仍然是它的重要基础,商场租赁表现能否继续改善,还是会影响整体表现。而且非零售收购能否顺利整合、真正提升分派与盈利质量,也还需要时间验证。 不过如果从目前的方向来看,Hektar 至少已经开始做对了一件事: 不再只是被动等待零售复苏,而是主动把自己转向更稳健、更具收益支撑的多元资产组合。 对 REIT 投资者来说,这种转型比单纯短期业绩波动更值得关注。 Hektar REIT 现在最值得看的,不只是最新季度业绩有改善,也不只是派息恢复到 1.13仙 ,而是它的整体方向已经开始改变。零售组合承租率回升、租金有正增长,同时非零售资产也开始进入贡献期。

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