$YTLREIT / 5109 (YTL HOSPITALITY REIT)
Research by Maybank
Hold – TP RM1.25

“4QFY24 earnings miss estimates"

FY24 core net profit was below expectations at 95%/97% of our/consensus estimates. The discrepancy was mainly due to higher-than-expected finance cost. FY24 distributable income increased 11% YoY to MYR140.9m. Final gross DPU of 4.09sen brings FY24 DPU to 8.26sen. We adjust our FY25/26E earnings forecasts by -1%/-2%, and revised lower our rolled-forward DDM-TP to MYR1.25 (-3sen; Ke: 7.7%). Our pick in the sector is Axis REIT (AXRB MK, CP MYR1.81, BUY, TP MYR2.12).

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