Neutral for now, long-term positive. Whilst we are positive over the
medium-to long-term outlook of AXRB’s latest acquisition in Petaling
Jaya given the potential for redevelopment, the earnings impact is small
for now (pre-redevelopment). The trust has also proposed to undertake a
placement of up to 90.8m new units. We raise our earnings forecasts by
0.5-5.4%, and DCF-based TP to MYR2.80 (+5sen). With expected total
return of less than 15%, we downgrade AXRB to HOLD.
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Source: Maybank Research - 15 June 2012
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