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Research by RHB
Buy – TP RM 2.11

"Purchasing Two Warehouses Near Port Klang; Still BUY”

Maintain BUY, with new DDM-derived MYR2.11 TP from MYR2.09, 17% upside and c.6% FY25F yield. Axis REIT has made its fifth announcement of the year regarding new acquisitions – this time for two adjoining properties for a lump-sum cash consideration of MYR158.6m. The properties provide a gross yield of 6.2% and is expected to be completed by 4Q24. We continue to like the REIT for its inorganic growth prospects in the resilient industrial property segment..

Analyst:
Wan Muhammad Ammar Affan
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Loong Kok Wen CFA
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$KLSE-AXREIT
Research by RHB
Buy – TP RM 2.11

"Purchasing Two Warehouses Near Port Klang; Still BUY”

Maintain BUY, with new DDM-derived MYR2.11 TP from MYR2.09, 17% upside and c.6% FY25F yield. Axis REIT has made its fifth announcement of the year regarding new acquisitions – this time for two adjoining properties for a lump-sum cash consideration of MYR158.6m. The properties provide a gross yield of 6.2% and is expected to be completed by 4Q24. We continue to like the REIT for its inorganic growth prospects in the resilient industrial property segment..

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

$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)