Restoring Sunway Putra Place (SPP) to its glory days. SunREIT unveiled
detailed refurbishment plans for Sunway Putra Mall (SPM) yesterday. The
RM200m enhancement works, which will be completed by mid-2014, is
expected to boost SPP's capital value and double its net property income
(NPI). We upgrade our earnings forecasts by 3-8%, and DCF-based TP by
2sen to RM1.40. SunREIT is our top pick for the Malaysian-REIT sector.
Maintain Buy.
Maybank Research 15 March 2012
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