[%YSyO%]
Research by Public
Neutral – TP RM1.55

“No Surprises"

Sunway REIT (SREIT) chalked a 2QFY24 realised net profit of RM78.0m (+16.1% YoY, -4.8% QoQ), which came in within our and consensus full-year estimates. In 1HFY24, the reported profits constitute about 47% and 45% of our and consensus full year estimates. The Group’s net property income (NPI) surged by 11% YoY to RM129.3m while revenue increased by 5% YoY to RM175.6m in 2QFY24, primarily driven by robust performance from retail and hotel segments. We expect subsequent quarters to be stronger, driven by the acquisition of six hypermarkets which was completed in April 2024 (purchase consideration of RM520m). All told, no change to our earnings estimates. Given the limited share price upside, we maintain our Neutral call with TP unchanged at RM1.55.

Analyst:
Tan Siang Hing
[%QGmu%]

$KLSE-SUNREIT
Research by Public
Neutral – TP RM1.55

“No Surprises"

Sunway REIT (SREIT) chalked a 2QFY24 realised net profit of RM78.0m (+16.1% YoY, -4.8% QoQ), which came in within our and consensus full-year estimates. In 1HFY24, the reported profits constitute about 47% and 45% of our and consensus full year estimates. The Group’s net property income (NPI) surged by 11% YoY to RM129.3m while revenue increased by 5% YoY to RM175.6m in 2QFY24, primarily driven by robust performance from retail and hotel segments. We expect subsequent quarters to be stronger, driven by the acquisition of six hypermarkets which was completed in April 2024 (purchase consideration of RM520m). All told, no change to our earnings estimates. Given the limited share price upside, we maintain our Neutral call with TP unchanged at RM1.55.

Analyst:
Tan Siang Hing
research@publicinvestbank.com.my

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)