马来西亚股票分析报告

THIS REPORT IS STRICTLY FOR INTERNAL CIRCULATION ONLY*

Key takeaways from Perak Transit’s 2Q25 results briefing:

• KPS and TBS’s occupancy rates to rise further,
• ITA for TBS to kick in this year, and
• Tronoh Sentral and Seri Iskandar Sentral’s construction progress on tract.

No change to our FY25-27 earnings projections. Target price is maintained at RM1.08. Maintain Buy.

KPS & TBS’s occupancy rates to rise further

The rentals from leasing of shops and kiosks. and advertising and promotional space (rentals) of the three own-and-operate terminals, i.e., Terminal Meru Raya (TMR), Terminal Kampar Putra Sentral (KPS) and Terminal Bidor Sentral (TBS) remained strong at RM29.8mn for 2Q25, up from RM23.Imn for the same period last year. It surged circa 30% YoY to RM59.5mn for IH25.

KPS and TBS are key earnings drivers as the demand for retail space within the terminals was encouraging. As of June-25, the occupancy at KPS has grown 4% YoY to 332k (Figure 1). For TBS, the occupancy rate has also crept up to 67% in June-25, compared to 54% in Sep-24 when the terminal commenced operations (Figure 2).

Management reiterates its targets of achieving occupancy rate of 80% for KPS and 70% for TBS by end of this year. The potential tenants are those involved in F&B, sport and entertainment services. Recently, the company has secured 2 new tenants operating badminton and pickleball courts at TBS.

Figure 1: KPS occupancy rate

(Original document shows a bar chart with space occupied and occupancy rate over quarters. No image will be rendered here, only the text reference.)

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ITA for TBS to kick in this year

The effective tax rate stood at 22.3% for IH25. It would tend to fall further in 2H25 once Ptrans fulfils the criteria to claim the investment tax allowance for TBS. Note that the investment tax allowance of 50% on qualifying capex, which works out to RM180mn, can be deducted against 100% of the income from TBS operations, excluding income derived from rentals. In our forecast, we have assumed an effective tax rate of 20% for FY25, emanating from the ITA for TBS.

Tronoh Sentral & Seri Iskandar Sentral’s construction progress on track

The construction progress on Tronoh Sentral advanced further to 39% of completion. This is on tract to meet the project deadline by June-26. Management expects the commencement of operation in end-26 and contribute full-year earnings in FY27.

For Seri Iskandar Sentral, the construction has reached 25% completion and is on track to complete by Mar-28. This terminal is expected to commence operations in 2H28 and would contribute full-year earnings in FY29.

No change to the development capex guidance of RM320mn for Tronoh Sentral and RM360mn for Seri Iskandar Sentral.

Forecast

No change to our FY25 and FY27 earnings projections.

Valuation

We maintain Perak Transit’s SOP valuation at RM1.08/share (Figure 1). We continue to like Ptrans for its stable and sustainable earnings trend and consistent dividend payout. At RM1.08, the implied valuation PE works out to ~15.3x, which we think is reasonable as its stable earnings are supported by 3 decent completed terminals and 2 terminals under construction. Maintain Buy

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Total Return of the stock includes expected share price appreciation, adjustment for ESG rating and gross dividend. Gross dividend is excluded from total return if dividend discount model valuation is used to avoid double counting.

Total Return of the sector is market capitalisation weighted average of total return of the stocks in the sector.

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