- Maintain Hold. 1H12 net profit of MYR95.6m was above expectations at 55-56% of house’s and street's full-year forecasts due mainly to higher-than-expected retail turnover rent and rental hikes.
- We raise our 2012-14 earnings forecasts by 8-8.4% to factor in a higher rental growth and turnover rent as well as higher occupancy rate of 99% (from 98%).
- Our new DCF-based TP is MYR1.40 (+14sen). PavREIT currently offers 4.9% yield (gross) vs. CMMT’s 4.9% and SunREIT’s 5.3%.
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Source: Maybank Research - 7 August 2012
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