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Research by Kenanga
Market Perform - TP RM1.69

"Acquiring Mall in Johor for RM158m"

SUNREIT is acquiring a retail mall in Kluang, Johor, for RM158m. The acquisition is earnings and valuation accretive at a 6.8% yield.
We believe SUNREIT will give its competitors in the fairly saturated market a run for their money by enhancing the tenant mix and shopping experience at the mall. We raise our FY25F earnings forecast by 2%, lift our TP by 2% as well to RM1.69 (from RM1.65) but maintain our MARKET PERFORM call.

Analyst:
Clement Chua 
[%xLJh%]

$KLSE-SUNREIT
Research by Kenanga
Market Perform - TP RM1.69

"Acquiring Mall in Johor for RM158m"

SUNREIT is acquiring a retail mall in Kluang, Johor, for RM158m. The acquisition is earnings and valuation accretive at a 6.8% yield.
We believe SUNREIT will give its competitors in the fairly saturated market a run for their money by enhancing the tenant mix and shopping experience at the mall. We raise our FY25F earnings forecast by 2%, lift our TP by 2% as well to RM1.69 (from RM1.65) but maintain our MARKET PERFORM call.

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

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)