$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by Kenanga
Market Perform – TP RM1.82

"Brighter Industrial Rental Outlook in Johor"

AXREIT’s 1HFY24 results and distribution were within expectations. Its 1HFY24 core net profit rose 20% YoY due to maiden contribution from Bukit Raja Distribution Centre 2 and positive rental reversion. On an improved industrial rental outlook in Johor, we raise our FY25F earnings forecast by 4%, lift our TP by 6% to RM1.82 (from RM1.72) but maintain our MARKET PERFORM call.

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