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Research by Kenanga
Market Perform – TP RM1.77

“Positive Rental Reversions"

IGBREIT's 1HFY24 results and distribution beat expectations due to stronger-than-expected rental reversions, which also drove an 8% YoY growth in its core net profit. Mid Valley Megamall is returning to full occupancy with new tenants taking up the floor space vacated by Metrojaya. We raise our FY24F-25F earnings forecasts by 3% and 15%, respectively, lift our TP by 5% to RM1.77 (from RM1.68) and maintain our MARKET PERFORM call.

Analyst:
Clement Chua 
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$KLSE-IGBREIT
Research by Kenanga
Market Perform – TP RM1.77

“Positive Rental Reversions"

IGBREIT's 1HFY24 results and distribution beat expectations due to stronger-than-expected rental reversions, which also drove an 8% YoY growth in its core net profit. Mid Valley Megamall is returning to full occupancy with new tenants taking up the floor space vacated by Metrojaya. We raise our FY24F-25F earnings forecasts by 3% and 15%, respectively, lift our TP by 5% to RM1.77 (from RM1.68) and maintain our MARKET PERFORM call.

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

$IGBREIT / 5227 (IGB REAL ESTATE INVESTMENT TRUST)