[%maRm%]
Research by HLIB
Hold – TP RM1.87

“Results within expectations"

IGB REIT recorded 2Q24 core net profit of RM88.2m (-13.9% QoQ, +8.9% YoY), lifting 1H24’s sum to RM190.5m (+7.5% YoY). This came in within ours and consensus forecasts at 51% of full year forecast. Declared DPU of 2.56 sen in 2Q24. Management guided that reconfiguration works for Metrojaya have been completed, with the space having leased out fully, resulting in Mid Valley returning to full occupancy rate. Nonetheless, with the recent rise in share price, we think that its risk to reward profile seems fair at current juncture. Hence, we downgrade to HOLD with a lower TP of RM1.87.

Analyst:
Tan Je Jyne
[%TjyW%]

$KLSE-IGBREIT
Research by HLIB
Hold – TP RM1.87

“Results within expectations"

IGB REIT recorded 2Q24 core net profit of RM88.2m (-13.9% QoQ, +8.9% YoY), lifting 1H24’s sum to RM190.5m (+7.5% YoY). This came in within ours and consensus forecasts at 51% of full year forecast. Declared DPU of 2.56 sen in 2Q24. Management guided that reconfiguration works for Metrojaya have been completed, with the space having leased out fully, resulting in Mid Valley returning to full occupancy rate. Nonetheless, with the recent rise in share price, we think that its risk to reward profile seems fair at current juncture. Hence, we downgrade to HOLD with a lower TP of RM1.87.

Analyst:
Tan Je Jyne
JJTan@hlib.hongleong.com.my

$IGBREIT / 5227 (IGB REAL ESTATE INVESTMENT TRUST)