Maintain Buy. KLCC Property (KLCCP) is mulling the potential REIT-ing of
its mature assets. To us, the REIT-ing is just a matter of time as it
is a logical and necessary move to unlock its deeply-discounted
valuations. 2012-13 growth will be driven by the Lot C development
(Suria KLCC extension and PT3) and renewal of the 15-year master lease
of the PETRONAS Twin Towers. We maintain earnings forecasts and RM4.35
target price (15% discount to RM5.12 RNAV).
Maybank Research - 2 April 2012
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