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KLCC Property (HOLD) - Valuing KLCC Property as a REIT
KLCC Property (HOLD)
Valuing KLCC Property as a REIT
- In light of the recent re-rating of KLCC Property’s share price based on expectations of a possible REIT listing, we now re-visit our valuation methodology.
- In our view, should a listing materialise, KLCC Property would likely to be the largest REIT in Malaysia, as its current asset portfolio is valued at more than RM10bn.
- Its relevant peers would be the premier REITs (Pavilion REIT, Sunway REIT, CMMT and the soon-to-be-listed IGB REIT), and we believe a target yield range of 5.5-6.0% is reasonable.
- Applying a target 5.7% DY, our revised TP for KLCCP is RM5.32 (previously RM4.07). Maintain HOLD.
Source: Hong Leong Investment Bank Research - 18 July 2012
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
kong73
damn it..i miss the boat on this...i was tracking when it was below 3.30..and thought is was cheap..really kick myself for not having some exposure on this counter
2012-07-18 10:02