$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Buy – TP RM1.77

“2Q24: New hypermarkets on board"

2Q24 earnings and an interim gross DPU of 4.66sen were in line. 2Q24’s YoY earnings growth was mainly due to its stronger retail segment. We expect higher earnings in 2H24, supported by new assets contribution - 163 Retail Park, a new industrial property in Penang, and Kluang Mall. We raise FY25/26E earnings forecasts by +8% p.a., which increase our DDM-TP to MYR1.77 (+17sen, Ke: 8.1%). Upgrade BUY.

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