Bursa Malaysia Stock Watch

Sunway REIT: Maintain Buy - Growing its asset size inorganically

kltrader
Publish date: Fri, 10 Feb 2012, 05:52 PM
kltrader
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Above expectations; TP raised. SunREIT's reported 1HFY12 realised net profit of RM95m (+14.3% YoY) was slightly above our expectations but within consensus estimates. The earnings variance was attributed to better-than-expected performance from Sunway Putra Place (SPP). 2Q DPU declared of 2.0sen also beat our estimates. We adjust our FY12-14 earnings forecasts by -2% to +2%. Our new DCF-based target price is RM1.38, translating into a 13% total return.

Maybank Research 10 Feb 2012

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