Unlocking deep value. We are excited about the potential REIT-ing of
KLCCP's prime assets, which would give an immediate boost to its
deeply-discounted valuation. KLCCP currently trades at discounts of
22.5% and 32% to its FD NTA and our FD RNAV, respectively. We maintain
our earnings forecasts but raise our RNAV estimate by 126sen to MYR6.38,
also our new TP. KLCCP is our top BUY in the property sector.
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Source: Maybank Research - 29 June 2012
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