Maintain HOLD but raising TP. PavREIT's 1Q12 net profit was in line,
accounting for 28% of our and consensus full-year estimates. We reckon
the recent run up in its share price was due to spillover effects of the
potential REIT-ing of Kris Assets' retail malls. We maintain our
earnings forecasts but raise our target price to MYR1.26. PavREIT
currently trades at a 5.1% yield vs. CMMT's 5.8% and SunREIT's 6.1%.
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Source: Maybank Research - 8 May 2012
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