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Research by TA
Buy - TP of MYR1.14

“Resilient Community Mall Portfolio” 

We expect KIPREIT’s 3QFY24 results will show a stronger QoQ performance, ranging from RM11-12mn, primarily driven by the maiden contribution from the newly acquired KIPMall Kota Warisan. We are sanguine about the outlook for KIPREIT due to (i) the resilience of its community mall portfolio, (ii) promising opportunities for growth through acquisitions, and (iii) the above-sector average distribution yield. No change to our earnings forecasts. Rolling forward our valuation base year to CY25, we arrive at a new TP of RM1.14/share, based on an unchanged target yield of 6.75%. Reiterate Buy. 

Analyst(s):
Thiam Chiann Wen 
[%gTHu%]

$KLSE-KIPREIT
Research by TA
Buy - TP of MYR1.14

“Resilient Community Mall Portfolio” 

We expect KIPREIT’s 3QFY24 results will show a stronger QoQ performance, ranging from RM11-12mn, primarily driven by the maiden contribution from the newly acquired KIPMall Kota Warisan. We are sanguine about the outlook for KIPREIT due to (i) the resilience of its community mall portfolio, (ii) promising opportunities for growth through acquisitions, and (iii) the above-sector average distribution yield. No change to our earnings forecasts. Rolling forward our valuation base year to CY25, we arrive at a new TP of RM1.14/share, based on an unchanged target yield of 6.75%. Reiterate Buy. 

Analyst(s):
Thiam Chiann Wen 
cwthiam@ta.com.my

$KIPREIT / 5280 (KIP REAL ESTATE INVESTMENT TRUST)