$IGBREIT / 5227 (IGB REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Buy – TP RM2.15

“2Q24 on track; U/G to BUY"

2Q24 results and 2nd gross DPU of 2.56sen were in line. The YoY bottomline growth was mainly encouraged by sustained occupancy rates and positive rental reversions at both prime malls. We upgrade IGBREIT to BUY with a raised DDM-TP of MYR2.15 (+40sen; Ke: 6.9%), after revising our valuation parameters. We are positive on its resilient earnings, which are supported by its two prime malls.

Analyst:
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com