Reported Earnings • May 17
First quarter 2026 earnings released First quarter 2026 results: Revenue: ฿382.6m (flat on 1Q 2025). Net income: ฿227.4m (up 12% from 1Q 2025). Profit margin: 59% (up from 53% in 1Q 2025). Revenue is forecast to grow 1.7% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Retail REITs industry in Asia. Declared Dividend • May 15
Fourth quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 25th May 2026 Payment date: 26th June 2026 Dividend yield will be 9.4%, which is higher than the industry average of 8.4%. Reported Earnings • Feb 15
Full year 2025 earnings: Revenues exceed analyst expectations Full year 2025 results: Revenue: ฿1.60b (down 1.2% from FY 2024). Net income: ฿609.0m (up 66% from FY 2024). Profit margin: 38% (up from 23% in FY 2024). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 1.2%. Revenue is forecast to stay flat during the next 2 years compared to a 3.4% growth forecast for the Retail REITs industry in Asia. Declared Dividend • Feb 14
Third quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 25th February 2026 Payment date: 25th March 2026 Dividend yield will be 9.8%, which is higher than the industry average of 8.4%. Declared Dividend • Nov 19
Third quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 26th November 2025 Payment date: 25th December 2025 Dividend yield will be 11%, which is higher than the industry average of 8.4%. Reported Earnings • Nov 14
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ฿396.4m (up 1.2% from 3Q 2024). Net income: ฿115.9m (down 2.4% from 3Q 2024). Profit margin: 29% (down from 30% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 4.0% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. Price Target Changed • Sep 18
Price target decreased by 7.4% to ฿5.00 Down from ฿5.40, the current price target is provided by 1 analyst. New target price is 6.8% above last closing price of ฿4.68. Stock is down 11% over the past year. The company is forecast to post earnings per share of ฿0.68 for next year compared to ฿0.42 last year. Announcement • Aug 15
Ally Freehold And Leasehold Real Estate Investment Trust (SET:ALLY) acquired BSK Management Co., Ltd. for THB 14.7 million. Ally Freehold And Leasehold Real Estate Investment Trust (SET:ALLY) acquired BSK Management Co., Ltd. for THB 14.7 million on August 13, 2025. A cash consideration of THB 14.68 million will be paid by Ally Freehold And Leasehold Real Estate Investment Trust. As part of consideration, THB 14.68 million is paid towards common equity of BSK Management Co., Ltd. The transaction will be financed through equity investment of THB 14.68 million.
Ally Freehold And Leasehold Real Estate Investment Trust (SET:ALLY) completed the acquisition of BSK Management Co., Ltd. on August 13, 2025. Declared Dividend • Aug 10
Second quarter dividend of ฿0.11 announced Shareholders will receive a dividend of ฿0.11. Ex-date: 28th August 2025 Payment date: 26th September 2025 Dividend yield will be 11%, which is higher than the industry average of 8.4%. Reported Earnings • Aug 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ฿400.1m (down 4.5% from 2Q 2024). Net income: ฿145.2m (flat on 2Q 2024). Profit margin: 36% (up from 35% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 15% per year, which means it is performing significantly worse than earnings. Reported Earnings • May 17
First quarter 2025 earnings released First quarter 2025 results: Revenue: ฿381.3m (down 6.1% from 1Q 2024). Net income: ฿203.4m (up ฿194.6m from 1Q 2024). Profit margin: 53% (up from 2.2% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 2 years, compared to a 3.5% growth forecast for the Retail REITs industry in Asia. Declared Dividend • Feb 20
Fourth quarter dividend of ฿0.13 announced Shareholders will receive a dividend of ฿0.13. Ex-date: 27th February 2025 Payment date: 28th March 2025 Dividend yield will be 11%, which is higher than the industry average of 8.4%. Announcement • Feb 19
Ally Freehold and Leasehold Real Estate Investment Trust Announces Cash Dividend Payment of the Operating Period from October 1, 2024 to December 31, 2024, Payable on March 28, 2025 The Board of Directors Meeting of ALLY REIT Management Company Limited, as a REIT manager of ALLY Freehold and Leasehold Real Estate Investment Trust ("ALLY"), held on February 18, 2025 had passed a resolution of ALLY with details as follow: That the distribution of returns from the operation period from October 1, 2024 to December 31, 2024 and retained earnings be at THB 0.1310 per unit, and the payment date will be on March 28, 2025, ALLY will determine the right of trustholders who are entitled to receiving the distribution of returns by closing the investment unit register book to suspend the transfers of investment unit on March 4, 2025. Ex-dividend date: February 27, 2025. Type of dividend payment: Cash dividend payment. Reported Earnings • Feb 19
Full year 2024 earnings: Revenues miss analyst expectations Full year 2024 results: Revenue: ฿1.62b (down 5.0% from FY 2023). Net income: ฿367.4m (down 45% from FY 2023). Profit margin: 23% (down from 39% in FY 2023). Revenue missed analyst estimates by 1.7%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Dec 28
Ally Freehold and Leasehold Real Estate Investment Trust Appoints Vichai Bencharongkul as Independent Director, Effective from 1 January 2025 The Board of Directors Meeting of ALLY REIT Management Company Limited, as the REIT Manager ("The Company") of ALLY Freehold and Leasehold Real Estate Investment Trust ("ALLY"), held on 27 December 2024 had passed the resolution to appoint the new independent director namely Mr. Vichai Bencharongkul, which will be effective from 1 January 2025 onwards. In this regard, the Company has completed the registration of the new independent director with Department of Business Development, Ministry of Commerce. Board Change • Nov 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 18
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ฿391.5m (down 8.1% from 3Q 2023). Net income: ฿118.8m (down 8.3% from 3Q 2023). Profit margin: 30% (in line with 3Q 2023). Revenue is forecast to grow 1.4% p.a. on average during the next 2 years, compared to a 3.3% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Declared Dividend • Nov 14
Second quarter dividend of ฿0.13 announced Shareholders will receive a dividend of ฿0.13. Ex-date: 22nd November 2024 Payment date: 19th December 2024 Dividend yield will be 11%, which is higher than the industry average of 8.4%. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ฿5.25, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 17x in the Retail REITs industry in Asia. Negligible returns to shareholders over past three years. Price Target Changed • Aug 28
Price target decreased by 26% to ฿5.40 Down from ฿7.25, the current price target is provided by 1 analyst. New target price is 22% above last closing price of ฿4.44. Stock is down 35% over the past year. The company is forecast to post earnings per share of ฿0.72 for next year compared to ฿0.76 last year. Declared Dividend • Aug 15
Second quarter dividend of ฿0.13 announced Shareholders will receive a dividend of ฿0.13. Ex-date: 23rd August 2024 Payment date: 19th September 2024 Dividend yield will be 13%, which is higher than the industry average of 8.4%. Reported Earnings • Aug 14
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ฿419.0m (down 2.3% from 2Q 2023). Net income: ฿146.1m (up 3.8% from 2Q 2023). Profit margin: 35% (up from 33% in 2Q 2023). Revenue is forecast to stay flat during the next 2 years compared to a 3.0% growth forecast for the Retail REITs industry in Asia. New Risk • Jul 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ฿3.67b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Market cap is less than US$100m (฿3.67b market cap, or US$99.9m). New Risk • May 31
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 32% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 32% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Declared Dividend • May 15
First quarter dividend of ฿0.13 announced Shareholders will receive a dividend of ฿0.13. Ex-date: 21st May 2024 Payment date: 19th June 2024 Dividend yield will be 12%, which is higher than the industry average of 8.4%. Reported Earnings • May 12
First quarter 2024 earnings released First quarter 2024 results: Revenue: ฿406.0m (down 3.3% from 1Q 2023). Net income: ฿8.75m (down 97% from 1Q 2023). Profit margin: 2.2% (down from 65% in 1Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Upcoming Dividend • Feb 29
Upcoming dividend of ฿0.16 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 29 March 2024. Trailing yield: 12%. Within top quartile of Thai dividend payers (6.3%). Higher than average of industry peers (8.5%). Declared Dividend • Feb 14
Fourth quarter dividend of ฿0.16 announced Shareholders will receive a dividend of ฿0.16. Ex-date: 7th March 2024 Payment date: 29th March 2024 Dividend yield will be 12%, which is higher than the industry average of 8.4%. Reported Earnings • Feb 13
Full year 2023 earnings: Revenues exceed analyst expectations Full year 2023 results: Revenue: ฿1.70b (up 6.9% from FY 2022). Net income: ฿665.9m (up 12% from FY 2022). Profit margin: 39% (up from 37% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.2%. Announcement • Feb 12
ALLY Leasehold Real Estate Investment Trust Announces Dividend Distributions for the Period Between October 1, 2023 to December 31, 2023, Payable on March 29, 2024 The Board of Directors Meeting of ALLY REIT Management Company Limited as a REIT manager of ALLY Leasehold Real Estate Investment Trust, held on February 12, 2024 had passed a resolution of distribution of returns of ALLY with details as follow: That the distribution of returns from the operation period from October 1, 2023 to December 31, 2023 be at THB 0.1630 per unit, and the payment date will be on March 29, 2024 and determine the right of trustholders who are entitled to receiving the distribution of returns by closing the investment unit register book to suspend the transfers of investment unit on March 11,2024. Price Target Changed • Dec 14
Price target decreased by 8.2% to ฿7.25 Down from ฿7.90, the current price target is provided by 1 analyst. New target price is 12% above last closing price of ฿6.50. Stock is down 9.7% over the past year. The company is forecast to post earnings per share of ฿0.75 for next year compared to ฿0.68 last year. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ฿426.0m (up 3.8% from 3Q 2022). Net income: ฿129.5m (down 2.5% from 3Q 2022). Profit margin: 30% (down from 32% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 2 years compared to a 5.0% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. New Risk • Sep 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.6% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 18
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Upcoming Dividend • Aug 15
Upcoming dividend of ฿0.17 per share at 9.2% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 15 September 2023. Trailing yield: 9.2%. Within top quartile of Thai dividend payers (6.4%). Higher than average of industry peers (8.3%). Reported Earnings • Aug 14
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ฿428.8m (up 11% from 2Q 2022). Net income: ฿140.7m (down 4.1% from 2Q 2022). Profit margin: 33% (down from 38% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.3% growth forecast for the Retail REITs industry in Asia. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 18
First quarter 2023 earnings released First quarter 2023 results: Revenue: ฿420.0m (up 13% from 1Q 2022). Net income: ฿272.1m (up 54% from 1Q 2022). Profit margin: 65% (up from 48% in 1Q 2022). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Retail REITs industry in Asia. Reported Earnings • Nov 19
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ฿410.3m (up 140% from 3Q 2021). Net income: ฿132.8m (up ฿137.5m from 3Q 2021). Profit margin: 32% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.7% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the REITs industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Announcement • Nov 15
Ally Leasehold Real Estate Investment Trust Announces Distribution from the Period July 1 to September 30,2022, December 16, 2022 The Board of Directors Meeting of ALLY REIT Management Company Limited (formerly "K.E. REIT Management Company Limited"), as a REIT manager of ALLY Leasehold Real Estate Investment Trust ("ALLY"), held on November 14,2022 had passed a resolution of distribution of returns of ALLY with details as follow:That the distribution of returns from the operation period from July 1 to September 30,2022 be at THB 0.1500 per unit, and the payment date will be on December 16, 2022 and ALLY will determine the right of trustholders who are entitled to receiving the distribution of returns by closing the investment unit register book to suspend the transfers of investment unit on November 28, 2022. Upcoming Dividend • Aug 16
Upcoming dividend of ฿0.17 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 14 September 2022. Trailing yield: 8.9%. Within top quartile of Thai dividend payers (5.4%). Higher than average of industry peers (5.2%). Announcement • Aug 13
Ally Leasehold Real Estate Investment Trust Approves Distribution of Returns from the Operation Period from April 1, 2022 to June 30, 2022, Payable on September 14, 2022 The Board of Directors Meeting of K.E. REIT Management Company Limited, as a REIT manager of ALLY Leasehold Real Estate Investment Trust, held on August 11, 2022 had passed a resolution of distribution of returns of ALLY with details as follow: That the distribution of returns from the operation period from April 1 to June 30, 2022 be at THB 0.1650 per unit, and the payment date will be on September 14, 2022 and ALLY will determine the right of trustholders who are entitled to receiving the distribution of returns by closing the investment unit register book to suspend the transfers of investment unit on August 25, 2022. Reported Earnings • Aug 12
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ฿386.0m (up 30% from 2Q 2021). Net income: ฿185.8m (up 78% from 2Q 2021). Profit margin: 48% (up from 35% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 24%, compared to a 15% growth forecast for the industry in Thailand. Major Estimate Revision • Jun 16
Consensus revenue estimates increase by 15% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from ฿1.33b to ฿1.52b. EPS estimate increased from ฿0.59 to ฿0.73 per share. Net income forecast to shrink 38% next year vs 11% growth forecast for REITs industry in Thailand . Consensus price target broadly unchanged at ฿8.00. Share price fell 2.2% to ฿6.80 over the past week. Buying Opportunity • May 03
Now 21% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be ฿8.54, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 34% in 2 years. Earnings is forecast to decline by 50% in the next 2 years. Buying Opportunity • Apr 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be ฿8.60, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 5.2%. Revenue is forecast to grow by 34% in 2 years. Earnings is forecast to decline by 50% in the next 2 years. Major Estimate Revision • Mar 03
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ฿1.36b to ฿1.33b. EPS estimate also fell from ฿0.69 per share to ฿0.59 per share. Net income forecast to grow 23% next year vs 15% growth forecast for REITs industry in Thailand. Consensus price target broadly unchanged at ฿8.00. Share price rose 3.7% to ฿6.95 over the past week. Upcoming Dividend • Feb 28
Inaugural dividend of ฿0.13 per share Eligible shareholders must have bought the stock before 07 March 2022. Payment date: 31 March 2022. The company last paid an ordinary dividend in August 2021. The average dividend yield among industry peers is 6.3%. Announcement • Feb 25
Ally Leasehold Real Estate Investment Trust Approves Dividend for the Period from October 1 to December 31, 2021, Payable on March 31, 2022 The Board of Directors Meeting of K.E. REIT Management Company Limited, as a REIT manager of ALLY Leasehold Real Estate Investment Trust ("ALLY"), held on February 23, 2022 had passed a resolution of distribution of returns of ALLY with details as follow: That the distribution of returns from the operation period from October 1 to December 31, 2021 and retain earning would be at THB 0.1300 per unit, and the payment date will be on March 31, 2022 and ALLY will determine the right of trustholders who are entitled to receiving the distribution of returns by closing the investment unit register book to suspend the transfers of investment unit on March 9, 2022. Announcement • Feb 12
Ally Leasehold Real Estate Investment Trust, Annual General Meeting, Apr 20, 2022 Ally Leasehold Real Estate Investment Trust, Annual General Meeting, Apr 20, 2022, at 03:00 Coordinated Universal Time. Location: 3rd Floor, Building E, CDC Crystal Design Center, No. 888 Praditmanutham Road Klong Chan Sub-district, Bangkapi District Bangkok Thailand Agenda: To acknowledge the minutes of 2021 Annual General Meeting of Trust Unitholders; to acknowledge the summary of significant questions, answers and agenda from inquiries in advance of trust unitholders for the 2022 annual general meeting; to acknowledge the ALLY's 2021 performance; to acknowledge the ALLY's financial statements for the year ended 31 December 2021; to acknowledge the ALLY's distribution of return for the year 2021; to acknowledge the appointment of auditors KPMG Phoomchai Audit Ltd. and determination of audit fee for the year 2022; to acknowledge the amendment of the trust deed; and to consider other matters. Announcement • Feb 02
Ally Leasehold Real Estate Investment Trust (SET:ALLY) completed the acquisition of The Prime Hua Lamphong Project. Ally Leasehold Real Estate Investment Trust (SET:ALLY) agreed to acquire The Prime Hua Lamphong Project for approximately THB 170 million on October 19, 2021. The acquisition is financed from a Loan from BBL of THB 171.8 million, the total size of loan not more than THB1.26 billion (existing loan). The transaction is subject to board approval, There are no unresolved issues from legal due diligence or in case there is any pending legal issue which is unresolved or cannot be rectified, the REIT Manager will disclose such risk, On the acquisition date, any mortgage or collateral registered over the additional assets will be released (if any), The Trustee has certified that the REIT’s acquisition of additional assets complies with the Trust Deed and relevant laws, rules and regulations, The investment committee of Trustee approves of the REIT’s acquisition of additional assets, entering into loans, and other matters required for the completion of the additional assets acquisition (within November 2021) and The Board of Directors of Trustee approves of the REIT’s acquisition of additional assets, entering into loans, and other matters required for the completion of the additional assets acquisition, within November 2021. The Prime Hua had total asset value, as of 30 September 2021, of THB 12.5 billion.The transaction is approved of the Board of Directors. Transaction is expected to be completed by January 2022. As of December 3, 2021, the transaction is expected to close in the first quarter of 2022.
K.E. Property Management Company Limited acted as property manager. Year Appraisal Co.,Ltd. and KTAC Appraisal and Service Co.,Ltd acted as appraiser.
Ally Leasehold Real Estate Investment Trust (SET:ALLY) completed the acquisition of The Prime Hua Lamphong Project on February 01, 2021. Major Estimate Revision • Dec 14
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿0.39 to ฿0.53. Revenue forecast steady at ฿1.16b. Net income forecast to grow 40% next year vs 10% growth forecast for REITs industry in Thailand. Consensus price target of ฿8.53 unchanged from last update. Share price was steady at ฿6.95 over the past week. Announcement • Dec 02
Ally Leasehold Real Estate Investment Trust (SET:ALLY) completed the acquisition of The Crystal Chaiyapruek Project from The Crystal Retail Company Limited. Ally Leasehold Real Estate Investment Trust (SET:ALLY) agreed to acquire The Crystal Chaiyapruek Project from The Crystal Retail Company Limited for THB 280 million on March 10, 2021. The transaction has been funded by Loan from BBL of approximately THB 280 million. As of December 31, 2020 The Crystal Chaiyapruek Project reported total asset value of THB 83.77 billion. The transaction is subject to Approval of the Board of Directors meeting or shareholders meeting of the Ally Leasehold Real Estate Investment Trust Manager, as the case may be, is obtained, there are no unresolved issues from legal due diligence or in case there is any pending legal issue (which shall not be an issue resulting in the assets in which Ally Leasehold Real Estate Investment Trust wishes to acquire being incompliance with relevant laws, rules and notifications) which is unresolved or cannot be rectified, the Ally Leasehold Real Estate Investment Trust Manager will disclose such risk in the registration statement for the offering of trust units (only in the circumstance that the REIT increases its capital by issuing additional trust units for sale) and will comply with the relevant laws and regulations, on the acquisition date, any mortgage or collateral registered over the additional assets will be released (if any), the Trustee has certified that the Ally Leasehold Real Estate Investment Trust acquisition of additional assets complies with the Trust Deed and relevant laws, rules and regulations and The Board of Directors of Trustee approves of Ally Leasehold Real Estate Investment Trust acquisition of additional assets, entering into loans, and other matters required for the completion of the additional assets acquisition, by early of April 2021. As of March 23, 2021, The REIT Manager hereby would like to further announce that the REIT’s proposed acquisition of additional assets in The Crystal Chaiyapruek Project has now been approved by the investment committee of the Trustee on March 22, 2021 for which The Crystal Chaiyapruek Project acquisition will be further proposed to the Trustee’s board of directors for approval on April 2, 2021 as previously announced that the approval will be granted by March 26, 2021. The transaction is expected to complete by the end of May 2021. Baker Tilly Corporate Advisory Services (Thailand) Company Limited acted as financial advisor to Ally Leasehold Real Estate Investment Trust.
Ally Leasehold Real Estate Investment Trust (SET:ALLY) completed the acquisition of The Crystal Chaiyapruek Project from The Crystal Retail Company Limited on March 10, 2021. Reported Earnings • Nov 15
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ฿171.1m (down 48% from 3Q 2020). Net loss: ฿4.71m (down 104% from profit in 3Q 2020). Reported Earnings • Aug 18
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ฿297.8m (up 75% from 2Q 2020). Net income: ฿104.4m (up ฿95.6m from 2Q 2020). Profit margin: 35% (up from 5.1% in 2Q 2020). The increase in margin was driven by higher revenue. Major Estimate Revision • Jul 08
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ฿0.38 to ฿0.61. Revenue forecast steady at ฿1.27b. Net income forecast to grow 33% next year vs 4.7% growth forecast for REITs industry in Thailand. Consensus price target up from ฿8.20 to ฿8.60. Share price fell 7.0% to ฿6.60 over the past week. Price Target Changed • Jun 14
Price target increased to ฿8.20 Up from ฿7.33, the current price target is an average from 3 analysts. New target price is 12% above last closing price of ฿7.30. Stock is up 2.8% over the past year. Upcoming Dividend • May 24
Upcoming dividend of ฿0.15 per share Eligible shareholders must have bought the stock before 31 May 2021. Payment date: 11 June 2021. Trailing yield: 0.8%. Lower than top quartile of Thai dividend payers (4.9%). Lower than average of industry peers (5.6%). Reported Earnings • May 16
First quarter 2021 earnings released: EPS ฿0.19 (vs ฿0.24 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: ฿331.0m (down 5.6% from 1Q 2020). Net income: ฿168.2m (up ฿374.3m from 1Q 2020). Profit margin: 51% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Announcement • Mar 12
Ally Leasehold Real Estate Investment Trust, Annual General Meeting, Apr 27, 2021 Ally Leasehold Real Estate Investment Trust, Annual General Meeting, Apr 27, 2021, at 03:00 Coordinated Universal Time. Location: , at Surasak Ballroom, Eastin Grand Hotel Sathorn Bangkok, 33/1 South Sathorn Road, Nawa Subdistrict, Yan Nawa District, Bangkok 10120 Bangkok Thailand Agenda: To acknowledge the minutes of Extraordinary General Meeting of Trust Unitholders No. 1/2021; to acknowledge the ALLY's 2020 performance; to acknowledge the ALLY's financial statements for the year ended 31 December 2020; to acknowledge the ALLY's second dividend/proceeds distribution for the year 2021, and capital reduction; to acknowledge the appointment of auditors, KPMG Phoomchai Audit Ltd., and determination of audit fee for the year 2021 which shall not exceed THB 2 million; and to consider other matters. Is New 90 Day High Low • Mar 10
New 90-day high: ฿6.50 The company is up 8.0% from its price of ฿6.00 on 09 December 2020. The Thai market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ฿3.81 per share. Upcoming Dividend • Mar 03
Upcoming Dividend of ฿0.14 Per Share Will be paid on the 19th of March to those who are registered shareholders by the 10th of March. The trailing yield of 1.0% is below the top quartile of Thai dividend payers (5.8%), and is lower than industry peers (6.7%). Reported Earnings • Feb 24
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ฿1.13b (down 20% from FY 2019). Net income: ฿48.8m (down 93% from FY 2019). Profit margin: 4.3% (down from 46% in FY 2019). Analyst Estimate Surprise Post Earnings • Feb 24
Revenue misses expectations Revenue missed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 21%, compared to a 11% growth forecast for the REITs industry in Thailand. Announcement • Feb 02
Bbl Asset Management Company Limited Resigns from Acting as the Co-Reit Manager of Bualuang K.E. Retail Leasehold Real Estate Investment Trust BBL Asset Management Company Limited and K.E. REIT Management Company Limited acting as the CO-REIT Manager of Bualuang K.E. Retail Leasehold Real Estate Investment Trust held The Extraordinary General Meeting of Trust Unitholders No. 1/2021 on February 1, 2021, with an agenda amending the investment policy to enable investment in all types of real estate such as department stores, shopping malls, office, etc. The amendment of investment policy will enable BKER to invest in various categories of real estates, including, office building for lease, which is the real estate in the same category as Bualuang Office Leasehold Real Estate Investment Trust which BBL currently performs its duty as a REIT manager. Therefore, for the best benefit of all parties and prevent any conflict of interest. BBLAM wishes to resign from being the CO-REIT Manager of BKER. In this regard, the Extraordinary General Meeting of Trust Unitholders No. 1/2021 passed a resolution to approve the amendment of BKER real estate investment policy, the Trust Deed and REIT Manager Appointment Agreement. As a result, BBL Asset Management Company Limited, hereby, notifies the resignation from its role as the REIT Manager of Bualuang K.E. Retail Leasehold Real Estate Investment Trust, effective from midnight on February 1, 2021. Announcement • Dec 30
Bualuang K.E.Retail Leasehold Real Estate Investment Trust Announces Resignation of Directors K.E. REIT Management Company Limited, acting as a CO-REIT Manager of Bualuang K.E. Retail Leasehold Real Estate Investment Trust, would like to inform the resolution of the Board of Directors' Meeting No. 7/2020 of the Company held on December 25, 2020 are as follows: 1. Acknowledged the resignation of Mrs. Supanavit Eiamsakulrat and Mr. Nont Buranasiri as the Directors of the Company which effective from December 15, 2020 onwards. Announcement • Dec 29
Bualuang K.E.Retail Leasehold Real Estate Investment Trust Announces Executive Changes Bualuang K.E.Retail Leasehold Real Estate Investment Trust in its Board meeting held on December 25, 2020, acknowledged the resignation of Mr. Yutthana Phuprakai as Managing Director of the Company which will be effective from December 31, 2020 onwards, whereby Mr. Yutthana Phuprakai would continue to maintain his directorship on the Board of Directors. The company also announced appointment of Mr. Kavin Eiamsakulrat as Managing Director, which replacing Mr. Yutthana Phuprakai which will be effective from January 1, 2021 onwards. Reported Earnings • Nov 21
Third quarter 2020 earnings released: EPS ฿0.13 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ฿327.5m (up 245% from 3Q 2019). Net income: ฿114.7m (up ฿123.2m from 3Q 2019). Profit margin: 35% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Price Target Changed • Nov 19
Price target lowered to ฿7.28 Down from ฿7.95, the current price target is an average from 2 analysts. The new target price is 28% above the current share price of ฿5.70. As of last close, the stock is down 42% over the past year. 
