Sector core net profit grew at slower pace of 0.9% yoy in 1Q17, compared with 3.8% yoy in 1Q16. In our universe, three stocks reported lower net profit (1Q16: one) largely due to major tenant relocation exercises (Pavilion Mall and Suria KLCC) and poor performance at Klang Valley malls (CMMT). Expect flat performance amid rising global interest rate environment. Maintain MARKET WEIGHT on the sector. Top picks – IGB REIT and MQREIT
Source: UOB Kay Hian Research - 29 May 2017
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