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)
- Solid balance sheet
- As a result of profitable operations amid weak economy, total asset value increase slightly 0.5% QOQ to 12,312MB while retained earnings jumped 237% QOQ to 170.75MB.
- NAV was up to 9.6318 baht per share, yet Debt/TAV was marginally lower to 0.22 times.
Income Statement
Total revenue (MB)
Net investment income (MB)
Distribution income (MB)
Distribution per unit (Baht)
- Total revenue increased almost 17%QOQ mainly due to 3%QOQ increase in rental & service revenue and 120%QOQ increase in other revenue.
- However, total revenue decreased almost 6%YOY from a 1%YOY decrease in rental & service revenue and 72%YOY decrease in other revenue.
- Property tax income, which is part of other income, was booked at 90% discount rate in 1Q21.
| (Amounts in THB m) | 3Q20 | 4Q20 | 1Q21 | |
|---|---|---|---|---|
| Assets | ||||
| Investment in leasehold properties at fair value | 11,353.19 | 11,349.24 | 11,397.63 | |
| Investment in securities | 159.82 | 60.00 | - | |
| Cash and equivalents | 356.11 | 515.35 | 561.06 | |
| Rental and Service receivables | 227.33 | 197.74 | 220.00 | |
| Other assets | 164.50 | 128.54 | 133.27 | |
| Total Assets | 12,260.95 | 12,250.87 | 12,312.20 | |
| Liabilities | ||||
| Account payables and Accrued expenses | 166.90 | 130.31 | 130.86 | |
| Deposits from rental and services | 396.51 | 387.06 | 393.33 | |
| Rental and Service income received in advance | 4.43 | 7.38 | 7.81 | |
| Long term loan | 2,760.32 | 2,760.90 | 2,761.47 | |
| Lease liabilities | 539.93 | 539.19 | 557.37 | |
| Other liabilities | 32.92 | 48.38 | 42.26 | |
| Total Liabilities | 3,901.01 | 3,873.22 | 3,893.09 | |
| Net Asset Value | 8,359.94 | 8,377.65 | 8,419.11 | |
| Capital from unitholders | 8,758.13 | 8,644.50 | 8,565.83 | |
| Retained earning (loss) | (80.73) | 50.62 | 170.75 | |
| Net Asset Value | 8,359.94 | 8,377.65 | 8,419.11 | |
| Net Asset Value per Unit (Baht) | 9.5640 | 9.5843 | 9.6318 | |
| (Amounts in THB m) | 3Q20 | 4Q20 | 1Q21 | |
|---|---|---|---|---|
| Revenues | ||||
| Rental and Service income | 310.14 | 315.82 | 324.57 | |
| Interest income | 0.09 | 0.14 | 0.19 | |
| Other income | 17.32 | (32.09) | 6.27 | |
| Total Revenues | 327.54 | 283.87 | 331.03 | |
| Expense | ||||
| Cost of rental and service | 116.08 | 61.64 | 105.06 | |
| Property management fee | 26.20 | 25.88 | 28.35 | |
| REIT management fee | 12.16 | 12.23 | 11.99 | |
| Administration expense | 8.30 | 8.11 | 6.70 | |
| Amortization of deferred expenses | 5.29 | 5.29 | 5.17 | |
| Finance cost | 27.39 | 27.40 | 26.81 | |
| Total Expenses | 195.42 | 144.73 | 189.64 | |
| Net Investment Income | 132.12 | 139.15 | 141.39 | |
| Net changes in fair value of investment in leasehold properties and securities | (17.38) | (7.80) | 26.82 | |
| Net change in Asset from Operation | 114.74 | 131.35 | 168.21 | |