Maintain HOLD. The disposal of Wisma UEP was expected, in line with
ARREIT's plan to streamline its property portfolio. We are positive on
the deal given its good pricing and potential capital redeployment into
better-yielding assets. More importantly, the disposal would release
ARREIT from incurring maintenance costs of MYR113k/month. No change in
our core profit forecasts. We maintain a HOLD on ARREIT, with an
unchanged MYR0.95 target price.
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Source: Maybank Research - 27 June 2012
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