{"id":11730,"date":"2025-05-24T08:20:25","date_gmt":"2025-05-24T00:20:25","guid":{"rendered":"https:\/\/stooper.co\/?p=11730"},"modified":"2025-05-24T22:16:13","modified_gmt":"2025-05-24T14:16:13","slug":"paradigm-reit-ipo","status":"publish","type":"post","link":"https:\/\/stooper.co\/ms\/businesstalk\/paradigm-reit-ipo\/","title":{"rendered":"IPO Paradigm REIT: Kupasan Mendalam untuk Pelabur"},"content":{"rendered":"<p style=\"font-size:15px\">IPO Paradigm REIT: Pulangan 7.16% daripada portfolio pusat beli-belah bernilai RM2.437 bilion, kadar penghunian 99%, dagangan bermula 10 Jun 2025. Mohon sebelum 23 Mei!<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-c64a8929-9327-48af-8bff-e11a417c6f05\" href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-1.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Paradigm REIT \u2013 Prospectus (Part 1)<\/a><a href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-1.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-c64a8929-9327-48af-8bff-e11a417c6f05\">Muat Turun<\/a><\/div>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-aee1c754-93a6-4645-bc85-e81603bd7364\" href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-2.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Paradigm REIT \u2013 Prospectus (Part 2)<\/a><a href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-2.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-aee1c754-93a6-4645-bc85-e81603bd7364\">Muat Turun<\/a><\/div>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-9a60e37f-493c-426e-bf81-d5ffd2efe181\" href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-3.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Paradigm REIT \u2013 Prospectus (Part 3)<\/a><a href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-3.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-9a60e37f-493c-426e-bf81-d5ffd2efe181\">Muat Turun<\/a><\/div>\n\n\n\n<div class=\"wp-block-file\"><a id=\"wp-block-file--media-6b923fea-dc1d-433d-a913-26299a202f69\" href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-4.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Paradigm REIT \u2013 Prospectus (Part 4)<\/a><a href=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Paradigm-REIT-Prospectus-Part-4.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-6b923fea-dc1d-433d-a913-26299a202f69\">Muat Turun<\/a><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>Kenapa IPO ini dilancarkan?<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Menjana Nilai daripada Penaja<\/strong><br>Pemegang saham WCT Holdings kini boleh mengambil bahagian secara langsung dalam potensi kenaikan nilai tiga aset runcit berkualiti tinggi.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Meningkatkan Kecairan<\/strong><br>Penyenaraian di Bursa menukar pemilikan pusat beli-belah yang tidak cair kepada sekuriti yang boleh diniagakan.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Akses ke Pasaran Modal<\/strong><br>Disokong oleh program nota jangka sederhana (MTN) bernilai RM5 bilion, pengambilalihan pada masa hadapan boleh dibiayai dengan cekap tanpa pencairan ekuiti.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Menjana Hasil dan Pertumbuhan<\/strong><br>Pelabur mendapat akses kepada agihan separuh tahunan yang stabil serta potensi keuntungan modal daripada kenaikan sewa dan pengembangan portfolio.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>1. Gambaran Portfolio &amp; Penilaian<\/strong><\/h2>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Hartanah<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Pusat Beli-Belah Bukit Tinggi (BTSC)<\/strong> \u2013 Klang, pegangan bebas<\/li>\n\n\n\n<li><strong>Paradigm Mall PJ<\/strong> \u2013 Petaling Jaya, pajakan hingga 9 Feb 2111<\/li>\n\n\n\n<li><strong>Paradigm Mall JB<\/strong> \u2013 Johor Bahru, pegangan bebas<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Nilai Dinilai<\/strong> (31 Dec 2024): <strong>RM2.437 bilion<\/strong><\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/page-58.png\" alt=\"\" class=\"wp-image-11768\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/page-58.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/page-58-300x225.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/page-58-768x576.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/page-58-16x12.png 16w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>2. Campuran Penyewa &amp; Struktur Pajakan<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Hartanah<\/th><th>Penyewa Utama<\/th><th>Butiran Pajakan<\/th><th>Bilangan Penyewa<\/th><th>Perkongsian Hasil Kasar Sewa (GRI) 10 Teratas<\/th><\/tr><\/thead><tbody><tr><td><strong><a href=\"https:\/\/en.wikipedia.org\/wiki\/%C3%86ON_Bukit_Tinggi_Shopping_Centre\" data-type=\"link\" data-id=\"https:\/\/en.wikipedia.org\/wiki\/%C3%86ON_Bukit_Tinggi_Shopping_Centre\" target=\"_blank\" rel=\"noopener\">BTSC<\/a><\/strong><\/td><td>AEON (pajakan induk)<\/td><td>6 tahun (24 Nov 2023\u201323 Nov 2029); kenaikan tetap: +1.6% setahun (tahun 1\u20133), +3.1% setahun (tahun 4\u20136), had semakan pasaran 12%<\/td><td>AEON menyewakan semula kepada OldTown, BananaBro, Adidas, Sushi Zanmai dan lain-lain.<\/td><td>21.4% daripada Hasil Kasar Sewa (GRI) portfolio<\/td><\/tr><tr><td><strong><a href=\"https:\/\/paradigmmall.com.my\/\" data-type=\"link\" data-id=\"https:\/\/paradigmmall.com.my\/\" target=\"_blank\" rel=\"noopener\">Paradigm Mall PJ<\/a><\/strong><\/td><td>Lotus\u2019s, GSC, H&amp;M, Marks &amp; Spencer, Fitness First dan lain-lain.<\/td><td>Pajakan induk disusun secara berperingkat hingga tahun 2111<\/td><td>273 penyewa<\/td><td>19.5% daripada Hasil Kasar Sewa (GRI)<\/td><\/tr><tr><td><strong><a href=\"https:\/\/ms.wikipedia.org\/wiki\/Paradigm_Mall,_Johor_Bahru\" data-type=\"link\" data-id=\"https:\/\/ms.wikipedia.org\/wiki\/Paradigm_Mall,_Johor_Bahru\" target=\"_blank\" rel=\"noopener\">Paradigm Mall JB<\/a><\/strong><\/td><td>Parkson, HomePro, GSC, Village Grocer, Harvey Norman dan lain-lain.<\/td><td>Pajakan induk tamat tempoh antara tahun 2030-an hingga 2040-an<\/td><td>449 penyewa<\/td><td>17.9% daripada Hasil Kasar Sewa (GRI)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:15px\"><em>Jumlah keseluruhan penyewa dalam portfolio: 723, dengan tiada satu pun penyewa (kecuali AEON di BTSC) menyumbang lebih daripada 5% daripada jumlah Hasil Kasar Sewa (GRI).<\/em><\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e525e8e1bdb&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69e525e8e1bdb\" class=\"wp-block-image size-full wp-lightbox-container\"><img decoding=\"async\" width=\"800\" height=\"500\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb.png\" alt=\"Hasil Kasar Sewa (GRI)\" class=\"wp-image-11735\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-300x188.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-768x480.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-18x12.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>3. Profil Kadar Penghunian &amp; WALE (Purata Tempoh Pajakan Berbaki)<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Kadar Penghunian<\/strong>: Meningkat daripada ~95% pada tahun 2022 kepada \u224899% menjelang Mac 2025.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/occupacy.png\" alt=\"\" class=\"wp-image-11769\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/occupacy.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/occupacy-300x225.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/occupacy-768x576.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/occupacy-16x12.png 16w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Purata Tempoh Pajakan Berbaki (WALE) Berwajaran Mengikut Keluasan Boleh Disewa (NLA)<\/strong>:\n<ul class=\"wp-block-list\">\n<li><strong>Paradigm Mall PJ<\/strong>: 1.54 tahun<\/li>\n\n\n\n<li><strong>Paradigm Mall JB<\/strong>: 1.56 tahun<\/li>\n\n\n\n<li><strong>BTSC<\/strong>: secara efektif 4.5 tahun melalui pajakan induk AEON<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-2-2.png\" alt=\"\" class=\"wp-image-11759\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-2-2.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-2-2-300x188.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-2-2-768x480.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-2-2-18x12.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p style=\"font-size:12px\">Foto dari dalam online<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Pengelompokan Pajakan<\/strong>: ~55% daripada NLA PM JB akan tamat pada tahun 2026, satu risiko pembaharuan yang perlu dipantau.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-1.png\" alt=\"\" class=\"wp-image-11742\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-1.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-1-300x188.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-1-768x480.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-1-18x12.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-2.png\" alt=\"\" class=\"wp-image-11741\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-2.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-2-300x188.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-2-768x480.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/\u5c0f\u8d34\u58eb-2-18x12.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>4. Prestasi Kewangan Sejarah<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"500\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-3.png\" alt=\"\" class=\"wp-image-11760\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-3.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-3-300x188.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-3-768x480.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/Untitled-design-3-18x12.png 18w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<p style=\"font-size:12px\">Foto dari Wikipedia<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Tahun<\/th><th>Hasil (RM juta)<\/th><th>Pendapatan Bersih Hartanah (NPI, RM juta)<\/th><th>Kadar Penghunian<\/th><\/tr><\/thead><tbody><tr><td>2022<\/td><td>161.6<\/td><td>105.5<\/td><td>95 %<\/td><\/tr><tr><td>2023<\/td><td>190.2<\/td><td>116.7<\/td><td>96.9 %<\/td><\/tr><tr><td>2024<\/td><td><strong>218.7<\/strong><\/td><td><strong>147.2<\/strong><\/td><td>98.6 %<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/income.png\" alt=\"\" class=\"wp-image-11770\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/income.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/income-300x225.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/income-768x576.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/income-16x12.png 16w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><em>Pecahan Hasil Tahun 2024<\/em>: 83% sewa; 11% tempat letak kereta; 6% pengiklanan &amp; lain-lain.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>5. Unjuran 2025 &amp; Hasil Agihan<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/dividend.png\" alt=\"\" class=\"wp-image-11771\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/dividend.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/dividend-300x225.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/dividend-768x576.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/dividend-16x12.png 16w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Tempoh: 13 Mac\u201331 Dis 2025 (294 hari)<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Anggaran Pendapatan Boleh Agih: RM92.44 juta<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Agihan Seunit (DPU): 5.77 sen \u2192 disetahunkan kepada 7.16 sen, atau hasil 7.16% berdasarkan harga IPO.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>6. Polisi Agihan<\/strong><\/h2>\n\n\n\n<p style=\"font-size:15px\">Paradigm REIT akan mengagihkan \u2265 90% daripada pendapatan boleh agih secara separuh tahunan (1 Jan\u201330 Jun &amp; 1 Jul\u201331 Dis). Pembayaran pertama dijangka dalam tempoh dua bulan selepas 31 Dis 2025.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>7. Kunci Kira-Kira &amp; Ruang Hutang<\/strong><\/h2>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e525e8e2ddc&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69e525e8e2ddc\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"600\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/debt.png\" alt=\"\" class=\"wp-image-11772\" srcset=\"https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/debt.png 800w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/debt-300x225.png 300w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/debt-768x576.png 768w, https:\/\/stooper.co\/wp-content\/uploads\/2025\/05\/debt-16x12.png 16w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewbox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Pinjaman<\/strong>: RM841.7 juta melalui MTN bercagar; nisbah hutang sebanyak 34% daripada jumlah aset (had kawal selia 50%).<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Program Nota Jangka Sederhana (MTN)<\/strong>: Had siling RM5 bilion, menyediakan dana yang mencukupi untuk pengambilalihan.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Kupon Indikatif<\/strong>: 4.44% setahun<\/li>\n<\/ul>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>8. Penjajaran Penaja &amp; Aliran Pertumbuhan<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Penaja<\/strong>: WCT Holdings mengekalkan <strong>65 %<\/strong> unit dan memiliki 80% saham dalam Pengurus.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Hak Tawaran Pertama (ROFR)<\/strong>: Hak tawaran pertama ke atas aset runcit dan hospitaliti masa depan milik WCT (contohnya, Hyatt Place JB, gateway@klia2).<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Yuran Pengurus<\/strong>:\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Asas \u2264 1% daripada jumlah aset (0.3% diunjurkan untuk 2025)<\/li>\n\n\n\n<li style=\"font-size:15px\">Prestasi \u2264 5% daripada NPI (3% diunjurkan)<\/li>\n\n\n\n<li style=\"font-size:15px\">Dibayar dalam bentuk tunai dan\/atau unit.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>9. Perbelanjaan Modal &amp; Inisiatif ESG<\/strong><\/h2>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Perbelanjaan Modal Tahun Kewangan 2025<\/strong>: Tiada yang besar; kerja-kerja ubah suai tahun 2024 telah disiapkan oleh vendor sebelum IPO.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Penambahbaikan ESG<\/strong>: Sistem Solar-PV, skrin fasad LED, dan penambahbaikan HVAC di BTSC &amp; PM JB untuk mengurangkan kos utiliti dan mempelbagaikan sumber pendapatan.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>10. Risiko Utama<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Penumpuan Tamat Tempoh Pajakan<\/strong> \u2013 55% daripada NLA PM JB akan diperbaharui pada tahun 2026.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Tumpuan Penyewa<\/strong> \u2013 AEON menyumbang 21.4% daripada Hasil Kasar Sewa (GRI) portfolio.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Ketidaktentuan Kadar Faedah<\/strong> \u2013 risiko pembiayaan semula ke atas MTN.<\/li>\n<\/ol>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Kitaran Ekonomi Runcit<\/strong> &amp; landskap pusat beli-belah yang kompetitif.<br>(Lihat Prospektus \u00a75 untuk pendedahan risiko yang menyeluruh).<\/li>\n<\/ol>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:15px\"><strong>Kesimpulan:<\/strong><br>Paradigm REIT disenaraikan dengan kadar penghunian kukuh, campuran penyewa yang pelbagai, nisbah hutang yang konservatif, serta aliran pertumbuhan yang jelas\u2014menawarkan hasil hadapan melebihi 7% dengan aliran tunai separuh tahunan. Memahami GRI, NLA dan WALE akan membantu anda menilai kebolehramalan pendapatan serta potensi kenaikan sebelum anda melanggan.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:20px\"><strong>Menjelaskan Metrik Utama untuk Pembaca<\/strong><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Hasil Kasar Sewa (GRI)<\/strong>\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Jumlah keseluruhan sewa yang dikutip sebelum ditolak perbelanjaan.<\/li>\n\n\n\n<li style=\"font-size:15px\">Gunakan GRI untuk menilai kekuatan pendapatan kasar dan sumbangan penyewa; kebergantungan tinggi kepada 10 penyewa teratas boleh menunjukkan risiko pergantungan.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Keluasan Boleh Disewa Bersih (NLA)<\/strong>\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Keluasan lantai yang boleh disewa tidak termasuk kawasan umum.<\/li>\n\n\n\n<li style=\"font-size:15px\">NLA menjadi asas kepada pengiraan kadar penghunian dan WALE; NLA yang lebih besar dengan kadar penghunian tinggi memberikan aliran tunai mutlak yang lebih kukuh.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li style=\"font-size:15px\"><strong>Purata Tempoh Pajakan Berbaki Berwajaran (WALE)<\/strong>\n<ul class=\"wp-block-list\">\n<li style=\"font-size:15px\">Purata tempoh pajakan berbaki, diberi wajaran mengikut NLA atau nilai sewaan.<\/li>\n\n\n\n<li style=\"font-size:15px\">WALE lebih panjang = kestabilan pendapatan; WALE lebih pendek = potensi pelarasan kadar sewa.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:15px\"><em>Dengan menjejak perkembangan GRI, kadar penghunian NLA, dan tempoh pajakan tamat, pelabur dapat memahami daya tahan pendapatan, potensi pertumbuhan, dan risiko pembaharuan pajakan.<\/em><\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p style=\"font-size:16px\">Mencari blog saya yang lain: <a href=\"https:\/\/stooper.co\/ms\/business-talk\/\" data-type=\"link\" data-id=\"https:\/\/stooper.co\/business-talk\/\">Bicara Perniagaan Stooper <\/a><\/p>\n\n\n\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>IPO Paradigm REIT: Pulangan 7.16% daripada portfolio pusat beli-belah bernilai RM2.437 bilion, kadar penghunian 99%, dagangan bermula 10 Jun 2025. Mohon sebelum 23 Mei!<\/p>","protected":false},"author":1,"featured_media":11745,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[1],"tags":[142],"class_list":["post-11730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-businesstalk","tag-trading-stock-talk"],"_links":{"self":[{"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/posts\/11730","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/comments?post=11730"}],"version-history":[{"count":15,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/posts\/11730\/revisions"}],"predecessor-version":[{"id":11773,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/posts\/11730\/revisions\/11773"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/media\/11745"}],"wp:attachment":[{"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/media?parent=11730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/categories?post=11730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stooper.co\/ms\/wp-json\/wp\/v2\/tags?post=11730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}