$PAVREIT / 5212 (PAVILION REAL ESTATE INVESTMENT TRUST)
Research by MIDF
BUY – TP RM1.60

"Solid Earnings"

Maintain BUY with an unchanged TP of RM1.60. We maintain our TP for Pavilion REIT at RM1.60, based on Dividend Discount Model. We continue to like Pavilion REIT as earnings prospect remains solid with steady contribution from Pavilion KL Mall which is supported by higher tourist arrivals. Besides, the better performance of Pavilion Bukit Jalil should provide upside to the earnings growth. Hence, we maintain ourBUY call on Pavilion REIT. Meanwhile, net distribution yield is estimated

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