Downgrade to HOLD. ARREIT's 1Q12 results, which will be released by
Wednesday, are likely to be subdued with an expected YoY decline in
earnings mainly due to the loss of rental income at Wisma UEP since Jul
2011 and higher refurbishment costs. Near-term catalysts could come
from: 1) the sale of the Wisma UEP building in Subang Jaya and
2) new acquisitions. We maintain our forecasts and MYR0.95 TP for now.
ARREIT is fairly valued at the current price (7.9% gross yield).
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Source: Maybank Research - 22 May 2012
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