[%oxjJ%] 
Research by M+ Online 
Hold – Target Price RM1.20

“Results within expectation”

• Maintained earnings forecast. As the core net profit came in within expectation, we maintained the earnings forecast for FY23-25f. 
• HOLD recommendation with RM1.20 TP. We maintained a HOLD recommendation on UOAREIT, with target price of RM1.20. The target price is derived by ascribing a P/E of 14.0x to FY23f EPS of 8.6 sen. The group is committed to reward at least 90.0% of the distributable income of the Trust. 
• Downside risks. Risks to our recommendation include the slower-than-expected recovery in the rental activities due to the shift of working method post pandemic environment. Besides, should the BNM increase interest rate going forward, the group may incur higher borrowing cost. Also, if there is a hike in electricity tariff, it could weigh on UOAREIT’s margins and overall financial performance moving forward. 

Analyst:
Loui Low Ley Yee 
[%ADTT%]

$KLSE-UOAREIT 
Research by M+ Online 
Hold – Target Price RM1.20

“Results within expectation”

• Maintained earnings forecast. As the core net profit came in within expectation, we maintained the earnings forecast for FY23-25f. 
• HOLD recommendation with RM1.20 TP. We maintained a HOLD recommendation on UOAREIT, with target price of RM1.20. The target price is derived by ascribing a P/E of 14.0x to FY23f EPS of 8.6 sen. The group is committed to reward at least 90.0% of the distributable income of the Trust. 
• Downside risks. Risks to our recommendation include the slower-than-expected recovery in the rental activities due to the shift of working method post pandemic environment. Besides, should the BNM increase interest rate going forward, the group may incur higher borrowing cost. Also, if there is a hike in electricity tariff, it could weigh on UOAREIT’s margins and overall financial performance moving forward. 

Analyst:
Loui Low Ley Yee 
louilow@msec.com.my

$UOAREIT / 5110 (UOA REAL ESTATE INVESTMENT TRUST)