Performance Highlights

ALLY successfully expanded the scope of the investment policy beyond retail assets into commercial assets such as office buildings, markets, and warehouses –with the goal to diversify revenue stream and risk as well as increase the growth opportunities by extending the asset universe.

Balance Sheet

Total asset Value (MB)
Cash & Equivalents (MB)
Net asset Value (MB)
NAV/share (Baht)
D/TAV (times)
  • Total assets increased by 2.8%QOQ and 4.5%YOY to 12,657.59MB in 2Q21 mainly due to the acquisition of Kad Farang during the quarter. Rental and service receivables rose 9.5%QOQ and 29.2%YOY to 240.81MB following a weak economy.
  • As a result of bank borrowing to fund the Kad Farang project’s acquisition, long term loan climbed approximately 14% both QOQ and YOY to 3,151.22MB. Deposits from rental and services also rose by 2.6%QOQ and 2.0%YOY to 403.62MB. Therefore, total liabilities grew 9.6%QOQ and 10.3%YOY to 4,265.21MB which also brought our debt to total asset value ratio higher to 0.25 times.
  • ALLY’s capital remained steady QOQ at 8,565.83MB or a par value of 9.7996 baht per unit because of no capital reduction during the quarter. However, capital decreased 2.2%YOY on account of capital reduction of 192.30MB during a year. As a consequence of 2Q21 performance, retained earnings dropped by 15.7%QOQ but improved 173.7%YOY to 144.01MB. Accordingly, net asset value fell slightly 0.3%QOQ but grew 1.8%YOY to 8,392.38MB or 9.6011 baht per unit.

Income Statement

Total revenue (MB)
Net investment income (MB)
Distribution income (MB)
Distribution per unit (Baht)
  • For a QOQ comparison, total revenue in 2Q21 decreased 10%QOQ to 297.81MB because of the COVID-19 lockdown during a quarter.
  • Total expense in 2Q21 also decreased 2.3%QOQ to 185.32MB, caused by a combination of:
    1. 2.7%QOQ rise in cost of rental and service due to property renovations at Plearnary and I’m Park.
    2. 27.6%QOQ drop in administrative expense from an elevated seasonal expense in 1Q21.
    3. 5.8%QOQ increase in interest expense as ALLY drew 390MB loan to acquire Kad Farang project at 4.25% p.a. borrowing cost.
    4. 15.1%QOQ decrease in variable management fees
  • As a result, net investment income declined 20.4%QOQ to 112.50MB. With an accounting loss in fair value of investment in leasehold properties of 8.12MB during a quarter, assets from operations subsequently dropped 37.9%QOQ to 104.38MB.
  • Compared to 2Q20, COVID-19 measures by the Thai government were less restrictive in 2Q21, hence ALLY’s performance improved significantly YOY. Total revenue increased 74.8%YOY from more rental and service revenue. However, other revenue decreased 73.3%YOY from less property tax income. Property tax income presently booked at 90% discount rate per government policy.
  • Whilst total expense grew only 19%YOY, gross margin and operating margin improved to 63% and 52%, respectively. Net investment income surged 671.5%YOY with a net margin of 38%.
  • 2Q21 interest coverage ratio remained healthy at 6.52 times.