ผลประกอบการของกองทรัสต์

ผู้จัดกองทรัสต์ยังคงมุ่งเน้นให้กองทรัสต์ มีโอกาสเติบโตต่ออย่างเนื่อง จึงดำเนินการขยายขอบเขตการลงทุนของทรัสต์ ให้สามารถลงทุนในทรัพย์สินกลุ่มอื่นๆ ได้ เช่น ห้างสรรพสินค้า ศูนย์การค้า ศูนย์ประชุม อาคารสำนักงาน ตลาด พื้นที่พาณิชย์และคลังสินค้า

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.