[%qzWo%] / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by HLIB
BUY – TP RM2.03

"Earnings to sustain into 2H24"

Axis REIT’s 2Q24 core net profit of RM39.6m (-1.1% QoQ, +17.2% YoY) brought 1H24 sum to RM79.6m. The results were within ours and consensus estimates at 48%. DPU of 2.25 sen was declared for 2Q24. Axis should continue to see sustained earnings in the subsequent quarters on the back of (i) 3 recently completed acquisitions; (ii) 2 pending acquisitions and a disposal; and (iii) stable occupancy rates. After including contributions from the recently completed acquisitions, our FY24/25 forecasts increase by +3.7%/+1.9% respectively. Reiterate BUY but with a slightly lower TP of RM2.03.

Analyst:
Tan Je Jyne 
[%JPcX%]
(603) 2083 1727

$KLSE-AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by HLIB
BUY – TP RM2.03

"Earnings to sustain into 2H24"

Axis REIT’s 2Q24 core net profit of RM39.6m (-1.1% QoQ, +17.2% YoY) brought 1H24 sum to RM79.6m. The results were within ours and consensus estimates at 48%. DPU of 2.25 sen was declared for 2Q24. Axis should continue to see sustained earnings in the subsequent quarters on the back of (i) 3 recently completed acquisitions; (ii) 2 pending acquisitions and a disposal; and (iii) stable occupancy rates. After including contributions from the recently completed acquisitions, our FY24/25 forecasts increase by +3.7%/+1.9% respectively. Reiterate BUY but with a slightly lower TP of RM2.03.

Analyst:
Tan Je Jyne 
JJTan@hlib.hongleong.com.my
(603) 2083 1727

$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)