[%iSgK%]
Research by Kenanga
Outperform – TP RM1.65

“A Soft Patch in 1QFY24"

SUNREIT’s 1QFY24 results met expectations. Its 1QFY24 core net profit declined 10% YoY following an asset disposal coupled with higher marketing expenses. While keeping our forecasts relatively unchanged, we trim our dividend payout forecasts slightly to reflect higher capex. We reduce our TP by 4% to RM1.65 (from RM1.72) but keep our OUTPERFORM call.

Analyst:
Clement Chua 
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$KLSE-SUNREIT
Research by Kenanga
Outperform – TP RM1.65

“A Soft Patch in 1QFY24"

SUNREIT’s 1QFY24 results met expectations. Its 1QFY24 core net profit declined 10% YoY following an asset disposal coupled with higher marketing expenses. While keeping our forecasts relatively unchanged, we trim our dividend payout forecasts slightly to reflect higher capex. We reduce our TP by 4% to RM1.65 (from RM1.72) but keep our OUTPERFORM call.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)