[%zGjN%] 
Research by RHB
Buy – TP RM 1.92

"Recalibrating TRANSCEND 2027; Maintain BUY”

Maintain BUY, with new DDM-derived MYR1.92 TP from MYR1.85, 16% upside and c.7% FY25F yield. Our sector top pick Sunway REIT is recalibrating its strategic roadmap, TRANSCEND 2027, to refocus its efforts on its core strengths in retail, and foregoing its previous targets to strictly rebalance its portfolio with a higher mix of services, industrial, as well asadding foreign properties. We are positive on the strategic change as we think this affords the REIT more room to focus on yield-accretive acquisitions, via organic and inorganic fronts. 

Analyst:
Wan Muhammad Ammar Affan
[%YGuS%]
Loong Kok Wen CFA
[%PGUN%]

$KLSE-SUNREIT 
Research by RHB
Buy – TP RM 1.92

"Recalibrating TRANSCEND 2027; Maintain BUY”

Maintain BUY, with new DDM-derived MYR1.92 TP from MYR1.85, 16% upside and c.7% FY25F yield. Our sector top pick Sunway REIT is recalibrating its strategic roadmap, TRANSCEND 2027, to refocus its efforts on its core strengths in retail, and foregoing its previous targets to strictly rebalance its portfolio with a higher mix of services, industrial, as well asadding foreign properties. We are positive on the strategic change as we think this affords the REIT more room to focus on yield-accretive acquisitions, via organic and inorganic fronts. 

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

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)