The sector’s core net profit during the quarter grew 7.4% yoy during the quarter, largely driven by strong earnings growth at MQREIT as well as Sunway REIT, which mitigated the contraction in earnings at Pavilion REIT. While the market dynamics remained unchanged, 2Q17 saw more acquisition exercises announced with a remarkable acqusition exercise undertaken by Pavilion REIT. Maintain MARKET WEIGHT on the sector. Top pick: IGB REIT. Downgrade MQREIT to HOLD.
Source: UOB Kay Hian Research - 6 Sept 2017
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