[%fMuy%]
Research by RHB
Neutral – TP RM2.12

“Positive Outlook In The Price; D/G To NEUTRAL"

Downgrade to NEUTRAL from Buy, with new DDM-derived MYR2.12 TP (from MYR2.03), 9% upside and c.6% yield. IGB REIT’s 1H24 results were in line with expectations, recording healthy YoY income growth from its positive rental reversions. 2H24 should also see higher rental rates from the completed reconfiguration works at Mid Valley Megamall (MVM). Following a strong share price performance over the past year, we downgrade our rating as we think the upside is limited at this juncture.

Analysts:
Wan Muhammad Ammar Affan 
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Loong Kok Wen CFA 
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$KLSE-IGBREIT
Research by RHB
Neutral – TP RM2.12

“Positive Outlook In The Price; D/G To NEUTRAL"

Downgrade to NEUTRAL from Buy, with new DDM-derived MYR2.12 TP (from MYR2.03), 9% upside and c.6% yield. IGB REIT’s 1H24 results were in line with expectations, recording healthy YoY income growth from its positive rental reversions. 2H24 should also see higher rental rates from the completed reconfiguration works at Mid Valley Megamall (MVM). Following a strong share price performance over the past year, we downgrade our rating as we think the upside is limited at this juncture.

Analysts:
Wan Muhammad Ammar Affan 
ammaraffan@rhbgroup.com
Loong Kok Wen CFA 
loong.kok.wen@rhbgroup.com

$IGBREIT / 5227 (IGB REAL ESTATE INVESTMENT TRUST)