Maintain Buy. AXRB's 2011 results were below our expectations at 92% of our forecast but within consensus estimates. The shortfall was mainly due to the delays in its acquisitions of the DHL and industrial buildings in Seberang Perai, which is a mere timing issue. 2011 gross DPU of 17.2sen (6.4% yield) was in line. We continue to like AXRB's hands-on management and its proven track record in growing its dividend income stream. AXRB remains our top pick for the sector.

Maybank research (17 January 2012)

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