[%UVSu%]
Research by CGS
Add (no change) – TP RM1.77

“Offers dividend yields of 6.2-6.6%"

■ Maintain Add on anticipation of improved consumer spending and increased occupancy. TP higher at RM1.77. FY24-26F dividend yields are 6.2-6.6%.
■1Q24 core net profit lower yoy on absence of rental income from Sunway Medical Centre but within expectation at 24% of our FY24F forecast.
■ Gearing level in ched higher to 0.40x as at end-March 24 (1Q23:0.39x) but was still comfortable, in our view.

Analyst:
CHONG Tjen-San, CFA
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$KLSE-SUNREIT
Research by CGS
Add (no change) – TP RM1.77

“Offers dividend yields of 6.2-6.6%"

■ Maintain Add on anticipation of improved consumer spending and increased occupancy. TP higher at RM1.77. FY24-26F dividend yields are 6.2-6.6%.
■1Q24 core net profit lower yoy on absence of rental income from Sunway Medical Centre but within expectation at 24% of our FY24F forecast.
■ Gearing level in ched higher to 0.40x as at end-March 24 (1Q23:0.39x) but was still comfortable, in our view.

Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)