[%qCYK%] 
Research by RHB
Not Rated - FV RM 0.51
“Turnaround With a Focus On Education”

MYR0.51 FV based on DDM (Ke: 9%). We think that AmanahRaya REIT is at an inflection point. After a series of tenancy non-renewals since the pandemic, it has secured new tenants that will increase its occupancy rates. ARRET is also embarking on a strategic pivot to focus on education assets – we think provides a more defensive and stable supply of income than its office assets. It signed a sale & purchase agreement (SPA) for the disposal of its hospitality assets as part of its portfolio rebalancing efforts

Analyst:
Wan Muhammad Ammar Affan
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$KLSE-ARREIT 
Research by RHB
Not Rated - FV RM 0.51
“Turnaround With a Focus On Education”

MYR0.51 FV based on DDM (Ke: 9%). We think that AmanahRaya REIT is at an inflection point. After a series of tenancy non-renewals since the pandemic, it has secured new tenants that will increase its occupancy rates. ARRET is also embarking on a strategic pivot to focus on education assets – we think provides a more defensive and stable supply of income than its office assets. It signed a sale & purchase agreement (SPA) for the disposal of its hospitality assets as part of its portfolio rebalancing efforts

Analyst:
Wan Muhammad Ammar Affan
ammaraffan@rhbgroup.com

$ARREIT / 5127 (AMANAHRAYA REAL ESTATE INVESTMENT TRUST)