[%YXpu%] / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by RHB
BUY – TP RM2.09

"A Busy Year Bearing Fruit; Maintain BUY"

Maintain BUY and DDM-derived MYR2.09 TP, 12% upside and c.6% FY25F
yield. Axis REIT’s 1H24 earnings were in line with expectations with a strong
20% increase in earnings mainly led by the commencement of new leases. We
remain positive on the REIT’s earnings prospects as it has picked up the pace
of acquisitions YTD, and maintains a healthy MYR220m in acquisition target
moving forward, with a focus on Grade A logistics facilities and warehouses
suitable for last-mile distribution.

Analyst:
Wan Muhammad Ammar Affan
+603 2302 8103
[%XRCk%]

Loong Kok Wen CFA
+603 2302 8116
[%gJvC%]

$KLSE-AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by RHB
BUY – TP RM2.09

"A Busy Year Bearing Fruit; Maintain BUY"

Maintain BUY and DDM-derived MYR2.09 TP, 12% upside and c.6% FY25F
yield. Axis REIT’s 1H24 earnings were in line with expectations with a strong
20% increase in earnings mainly led by the commencement of new leases. We
remain positive on the REIT’s earnings prospects as it has picked up the pace
of acquisitions YTD, and maintains a healthy MYR220m in acquisition target
moving forward, with a focus on Grade A logistics facilities and warehouses
suitable for last-mile distribution.

Analyst:
Wan Muhammad Ammar Affan
+603 2302 8103
ammaraffan@rhbgroup.com

Loong Kok Wen CFA
+603 2302 8116
loong.kok.wen@rhbgroup.com

$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)