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Research by Malacca
Sell – TP RM0.93

“Below Expectations: Hit By Higher Operating Expenses"

SELL recommendation with RM0.93 TP. With the revised earnings forecast, we downgrade to SELL from Hold on UOAREIT, with a lower target price of RM0.93. The target price is derived by ascribing a P/E of 14.0x to FY25f EPS of 6.64 sen as we roll over to FY25f earnings. The group is committed to reward at least 90.0% of the distributable income, translating to a prospective dividend yield of 4.7-5.3% for FY24-25f.

Analyst:
Loui Low
[%pPZJ%]

$KLSE-UOAREIT
Research by Malacca
Sell – TP RM0.93

“Below Expectations: Hit By Higher Operating Expenses"

SELL recommendation with RM0.93 TP. With the revised earnings forecast, we downgrade to SELL from Hold on UOAREIT, with a lower target price of RM0.93. The target price is derived by ascribing a P/E of 14.0x to FY25f EPS of 6.64 sen as we roll over to FY25f earnings. The group is committed to reward at least 90.0% of the distributable income, translating to a prospective dividend yield of 4.7-5.3% for FY24-25f.

Analyst:
Loui Low
louilow@msec.com.my

$UOAREIT / 5110 (UOA REAL ESTATE INVESTMENT TRUST)