经营范围
To invest, directly and indirectly in a diversified portfolio of income producing real estate used solely or predominantly for retail purposes.
持有产业
* PAVILION KUALA LUMPUR MALL, retail, Occupancy Rate 98.5%
* PAVILION TOWER, office, Occupancy Rate 98.5%
经营表现
* 营收和净利微涨
* 流动比和速动比健康
* 应收账款增加一倍（可能与收购有关）
* roa，roe，roic略降（可能与收购有关）
* 长期债务略增，无短期债务（由于时间因素，没有完全反映收购案）
* Profit Margin还算稳定
* 自由现金流充沛，上升
* 很多基金持股，占20%
MESSAGE FROM THE CHAIRMAN
* acquisition of da:mén USJ Mall for RM488 million on 17 September 2015.
* acquisition of the Intermark retail mall on 29 December 2015 for RM160 million.
* Pavilion Kuala Lumpur Mall: 15% of net lettable areas were due for renewal with an achievement of approximately 5% rental reversion during the year.
* Pavilion Kuala Lumpur Mall做了四点整修，同时获得四项奖项
MESSAGE FROM THE CEO
* Increase of 3% in gross revenue.
* Net property income increase of 3.1%.
* Distribution increase 3.4%.
* Debt to asset ratio = 15.9%; 93.5% with fixed interest rates, 6.5% with floating rates.
* Assets increase 14.0 % upon completion of the two new acquisitions.
* da:mén USJ retail mall: 420,920 square feet * RM9.20 per square feet per month
* the mall will have 85% occupancy
* The mall have since successfully commenced operations on 8 January 2016.
* Intermark retail mall: 337,427 square feet * RM7.19 per square feet per month
* three year profit guarantee at RM5 million per annum
* occupancy rate as at 30 September 2015 is approximately 74%
* Both acquisitions totally funded by debt
* contributions: Pavilion Mall 84.8%, da:men 9.5%, Intermark 3.1% and Pavilion Tower 2.6%.
操作
* 目前股价RM1.72，PE高，DY还行
* 收购案的债务还没有收录在财务报表之中，不过已有眉目
* 收购案的贡献暂时还没有反映出来，看好
* 过去一年股价有上涨，有资本增值
* 股价相对nav有溢价
* 根据DCF模型计算，推荐买入价为RM1.14。（看来无望了）