(AXRB MK/HOLD/RM1.65/Target: RM1.65)
Axis REIT’s 1Q17 results are in line with our and consensus estimates. It has also declared a 2.20 sen dividend. While we are positive on the redevelopment of Axis PDI Centre, which is on track for completion by end-17, we note that the acquisition of Kerry Warehouse has been delayed further to 3Q17 from the initial target of 3Q16. Maintain HOLD. Target price: RM1.65. Entry price: RM1.50.
Source: UOB Kay Hian Research - 26 Apr 2017
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