Maintain HOLD. ARREIT's 1Q12 results came in as expected, accounting for
22% of our and consensus full-year estimates. Its 1Q12 DPU of 1.81 sen
was also in line. We expect a pick-up in earnings in the following
quarters as refurbishment costs taper off, and hence our earnings
forecasts and MYR0.95 DCF-based TP are maintained. Positive surprises
could come from: 1) the sale of the Wisma UEP building in Subang Jaya
and 2) new acquisitions.
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Source: Maybank Research - 24 May 2012
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