$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold – TP RM1.60

“1Q24: Earnings on track"

1Q24 results were in line with our and consensus’ FY24E forecasts. The softer YoY earnings were mainly due to the absence of rental income from Sunway Medical Centre (Tower A & B). We however expect FY24E earnings to be supported by the completion of new acquisitions of six hypermarkets (i.e. Giant), 163 Retail Park and an industrial property in Penang by 2Q24 and 3Q24 onwards. Our earnings forecasts and DDM-TP of MYR1.60 (Ke:8.1%) are intact.

Analyst:
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com