Bursa Malaysia Stock Watch

KLCC Property: Maintain Buy - REIT-ing its assets - sooner or later?

kltrader
Publish date: Mon, 02 Apr 2012, 09:57 AM
kltrader
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Maintain Buy. KLCC Property (KLCCP) is mulling the potential REIT-ing of its mature assets. To us, the REIT-ing is just a matter of time as it is a logical and necessary move to unlock its deeply-discounted valuations. 2012-13 growth will be driven by the Lot C development (Suria KLCC extension and PT3) and renewal of the 15-year master lease of the PETRONAS Twin Towers. We maintain earnings forecasts and RM4.35 target price (15% discount to RM5.12 RNAV).

Maybank Research - 2 April 2012

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