Maintain Buy. AAREIT's RM42.5m 2011 core net profit (+2.7% YoY) came in
as expected. 2011 DPU of 7.2sen was also in line (7.8% yield; 97%
payout). Positive earnings surprises could come from the potential sale
of Wisma UEP while RM200m new assets target for 2012 would enlarge the
earnings base. We fine-tune our earnings forecasts by +1.4-1.6% post
actual 2011 results announcement. Our DCF-based target price remains
intact at RM0.95.
Maybank Research 16 Feb 2012
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