[%NEdf%] 
Research by Maybank IB
BUY – TP RM2.12

"2Q24: Within estimates"

2Q24 results were in-line, with 1H24 core net profit at 47%/48% of our/consensus’ FY24E. A 2 nd gross DPU of 2.55sen was declared, bringing 1H24 DPU to 4.55sen (1H23: 4.10sen). We trim our FY24/25/26E earnings by -1%/-8%/-7% respectively. Consequently, our DDM-TP is lowered to MYR2.12 (-5sen, Ke: 6.9%). Maintain BUY (sector top pick). We remain upbeat on Axis’ active asset acquisition strategy for industrial assets, which generally entail resilient rental income and lower occupancy risks.

Analyst:
Nur Farah Syifaa
[%sRMi%] 
(603) 2297 8675

$KLSE-AXREIT 
Research by Maybank IB
BUY – TP RM2.12

"2Q24: Within estimates"

2Q24 results were in-line, with 1H24 core net profit at 47%/48% of our/consensus’ FY24E. A 2 nd gross DPU of 2.55sen was declared, bringing 1H24 DPU to 4.55sen (1H23: 4.10sen). We trim our FY24/25/26E earnings by -1%/-8%/-7% respectively. Consequently, our DDM-TP is lowered to MYR2.12 (-5sen, Ke: 6.9%). Maintain BUY (sector top pick). We remain upbeat on Axis’ active asset acquisition strategy for industrial assets, which generally entail resilient rental income and lower occupancy risks.

Analyst:
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com 
(603) 2297 8675

$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)

nurfarahsyifaa.mohamadfuad@maybank-ib.com