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Research by MIDF
Buy (Maintain) – TP RM1.70

“Positive Outlook"

Maintain BUY with an unchanged TP of RM1.70. We maintain our earnings forecast for FY24F/25F/26F. We also maintain our TP for Sunway REIT at RM1.70 based on dividend discount model. We remain positive on Sunway REIT as its contribution from its retail division should remain stable in the long term on the back of positive rental reversion. Besides, outlook for hotel division is also improving with expectation of higher tourist arrivals. Hence, we maintain our BUY call on Sunway REIT. Meanwhile, distribution yield is attractive, estimated at 5.7%.

Analyst:
Jessica Low Jze Tieng
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$KLSE-SUNREIT
Research by MIDF
Buy (Maintain) – TP RM1.70

“Positive Outlook"

Maintain BUY with an unchanged TP of RM1.70. We maintain our earnings forecast for FY24F/25F/26F. We also maintain our TP for Sunway REIT at RM1.70 based on dividend discount model. We remain positive on Sunway REIT as its contribution from its retail division should remain stable in the long term on the back of positive rental reversion. Besides, outlook for hotel division is also improving with expectation of higher tourist arrivals. Hence, we maintain our BUY call on Sunway REIT. Meanwhile, distribution yield is attractive, estimated at 5.7%.

Analyst:
Jessica Low Jze Tieng
jessica.low@midf.com.my

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)