Positive asset enhancement. We are positive on Pavilion REIT's (PREIT)
latest asset enhancement initiatives in transforming the existing TANGS
Fashion Lifestyle Store area (68,000 sqft NLA or 5% of Pavilion Mall's
total NLA) into a new high street fashion precinct, which will enhance
the rental yield. Significant contributions should come in from 2013
onwards. No change in our earnings forecasts for now. Our DCF-based TP
is unchanged at RM1.10. Hold.
Maybank research (20 January 2012)
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