$PAVREIT / 5212 (PAVILION REAL ESTATE INVESTMENT TRUST)
Research by RHB
Neutral – TP RM1.50

“Seasonally Slower Quarter”

Pavilion REIT’s 1H24 results were in line with expectations, recording higher occupancy rates across its portfolio. QoQ, earnings declined during the seasonally slower quarter, but we should see a pickup in 2H24 driven by the recovering tourism sector. With one year left to meet its NPI target, we think Pavilion Bukit Jalil (PBJ) might not meet its target and may be revalued lower than the initial MYR2.2bn price point.

Analyst:
Wan Muhammad Ammar Affan
ammaraffan@rhbgroup.com
Loong Kok Wen CFA
loong.kok.wen@rhbgroup.com