Reiterate HOLD. QCT's 1Q12 results (to be released by tomorrow) are
likely to meet expectations. Expected 11% YoY growth in earnings will be
supported by existing assets given the lack of acquisitions last year.
Over the medium term, we continue to expect interests on office REITs to
be lacklustre given the current oversupply situation. We maintain our
forecasts and MYR1.10 TP on QCT. QCT now trades at 7.6% yield.
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Source: Maybank Research - 2 May 2012
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