Affin Hwang Capital Research Highlights

Pavilion REIT - Growth strategy intact

kltrader
Publish date: Fri, 02 Aug 2013, 09:37 AM
kltrader
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This blog publishes research highlights from Affin Hwang Capital Research.
Following Message

Pavilion REIT; Buy; RM1.41
Fair Value: RM1.70; PREIT MK

1H13 earnings in line, driven by higher revenues (Fashion Avenue and rental reversions) and lower interest costs. Declared 3.65sen DPU (3.56sen taxable; 0.09sen tax-exempt), implying 100% distribution payout of distributable income. Asset pipeline outlines strong growth opportunities; 50% of expiring NLA due in 2013 renewed at double-digit percentage increases. Maintain BUY with RM1.70 TP.

Source: HwangDBS Research - 2 Aug 2013

PAVREIT (5212)
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