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Research by RHB
Buy – TP RM1.85

“Stable Growth Led By The Retail Segment; BUY"

Maintain BUY, new DDM-derived MYR1.85 TP from MYR1.77, 12% upside with c.6% FY24F yield. Sunway REIT’s results were in line with our expectations, recording higher revenue growth attributed to Sunway Carnival Mall’s expansion and elevated occupancy rates for the hotel segment. We remain positive on the REIT’s outlook, as its acquisition strategy should drive earnings growth on top of the solid growth prospects from its diverse property portfolio.

Analysts:
Wan Muhammad Ammar Affan
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Loong Kok Wen CFA
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$KLSE-SUNREIT
Research by RHB
Buy – TP RM1.85

“Stable Growth Led By The Retail Segment; BUY"

Maintain BUY, new DDM-derived MYR1.85 TP from MYR1.77, 12% upside with c.6% FY24F yield. Sunway REIT’s results were in line with our expectations, recording higher revenue growth attributed to Sunway Carnival Mall’s expansion and elevated occupancy rates for the hotel segment. We remain positive on the REIT’s outlook, as its acquisition strategy should drive earnings growth on top of the solid growth prospects from its diverse property portfolio.

Analysts:
Wan Muhammad Ammar Affan
ammaraffan@rhbgroup.com
Loong Kok Wen CFA
loong.kok.wen@rhbgroup.com

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)