$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold – TP of MYR 0.41

“1Q24 missed estimates”

1Q24 results and 1st interim gross DPU of 0.3 sen missed our estimates mainly attributed to higher finance cost. We lower FY24/25/26E net profit by 34%/11%/11%. Our DDM-TP is lowered by 4sen to MYR0.41 (Ke: 9.9%). For retail REIT, we prefer Pavilion REIT (PREIT MK, CP: MYR1.36, BUY, TP: MYR1.55).

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