Bursa Malaysia Stock Watch
KLCC Property (HOLD) - Maintaining The Status Quo
kltrader
Publish date: Mon, 02 Apr 2012, 10:09 AM
kltrader
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KLCC Property (HOLD)
Maintaining The Status Quo
- KLCC Property hosted their Corporate Day last Friday, and we came withthe following key takeaways:
- No new updates on the RCULS or the possibility of a REIT creation,despite numerous probing.
- PETRONAS Towers 1, 2 and 3 will have their respective head leaseagreements finalised soon, between KLCC Property and PETRONAS. We havealready factored in rental step ups in our forecasts, hence no change to ournumbers.
- In terms of pipeline, Menara Dayabumi will see an extra 500k sft of NLAunder Ph. 3 of its refurbishment programme, while we gathered that there areanother 7 parcels of land within the KLCC locale, making up 370,000 sft(including Lot D1) for further development.
- All in all, we see KLCC Property as maintaining the status quo bothoperationally and strategically. Maintain HOLD call and TP at RM 3.46(15% discount to RNAV).
HLIB Research - 2 April 2012
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