Maintain Buy. 9M11 results, to be released tomorrow, should meet
expectations. At the same time, AAREIT's Silver Bird Factory asset
enhancement plan in 2012 are expected to marginally enhance our 2013 net
profit forecast by +1.0% given its attractive 8.0% net yield (vs. 4.8%
funding cost for 5 years). Post enhancement, AAREIT's NLA will be 2.89m
sq ft (+1.0%). We maintain our DCF-based TP of RM0.95.
Maybank research (29 November 2011)
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