A good set of results. PavREIT's RM12.4m core net profit over
7-31 Dec 2011 (listed on 8 Dec 2011) was 13% above our and its own IPO
forecasts. Management is confident of beating its own RM167m 2012 net
profit forecast, especially with the reconfiguration of the existing
TANGS space into a high street fashion precinct, thereby attracting
higher rentals psf. We tweak our 2012-13 net profit forecasts by +1% but
maintain our RM1.10 DCF-based TP. We maintain our Hold recommendation,
as total return is less than 15%.
Maybank Research 9 Feb 2012
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