[%Nnpj%] 
Research by Kenanga
OUTPERFORM– TP RM1.59

“Unscathed in a Crowded Market”

PAVREIT’s 1QFY24 results met expectations. Its 1HFY24 core net profit soared 33% YoY driven largely by contribution from new asset Pavilion Bukit Jalil. Its core shopping malls in KL city centre held up relatively well despite competition from the new TRX mall. We keep our forecasts, TP of RM1.59 and OUTPERFORM call.

Analyst:
Clement Chua
[%EUdS%]

$KLSE-PAVREIT 
Research by Kenanga
OUTPERFORM– TP RM1.59

“Unscathed in a Crowded Market”

PAVREIT’s 1QFY24 results met expectations. Its 1HFY24 core net profit soared 33% YoY driven largely by contribution from new asset Pavilion Bukit Jalil. Its core shopping malls in KL city centre held up relatively well despite competition from the new TRX mall. We keep our forecasts, TP of RM1.59 and OUTPERFORM call.

Analyst:
Clement Chua
clement.chua@kenanga.com.my

$PAVREIT / 5212 (PAVILION REAL ESTATE INVESTMENT TRUST)