[%CAnL%] 
Research by Kenanga
Market Perform – TP of MYR 1.21

“Buying Land to Expand Seremban 2 Mall” 

AEON is acquiring 23 acres of commercial land in Seremban 2 for RM103m cash on which it intends to build an extension to its existing mall. We believe the premium land pricing is justifiable given the location next to its existing mall. We are positive on the acquisition as it will increase its scale of operation in Seremban with a growing middle class population. We maintain our forecasts, TP of RM1.21 and MARKET PERFORM rating.

Analyst(s):
Cheow Ming Liang 
[%zwkn%]

$KLSE-AEON 
Research by Kenanga
Market Perform – TP of MYR 1.21

“Buying Land to Expand Seremban 2 Mall” 

AEON is acquiring 23 acres of commercial land in Seremban 2 for RM103m cash on which it intends to build an extension to its existing mall. We believe the premium land pricing is justifiable given the location next to its existing mall. We are positive on the acquisition as it will increase its scale of operation in Seremban with a growing middle class population. We maintain our forecasts, TP of RM1.21 and MARKET PERFORM rating.

Analyst(s):
Cheow Ming Liang 
cheowml@kenanga.com.my