Monday, August 27, 2012

AmanahRaya REIT: Maintain Hold - Expect An Uninspiring Quarter

  • Maintain HOLD. ARREIT's 1H12 results will be released tonight. The results are likely to be uninspiring (but within our expectations) due to the loss of rental income at Wisma UEP since Jul 2011.
  • We lower our earnings forecasts by 2-4% and DCF-based TP to MYR0.91sen (-4sen). Following the Wisma UEP sale, new acquisitions will be crucial for ARREIT to maintain dividend payments at 2011 levels. A special dividend is likely if more asset disposals materialise.
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Source: Maybank Research - 27 August 2012
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