[%lJvC%]
Research by RHB
Neutral– TP RM 8.20

"Stable Performance”

Keep NEUTRAL, with new DDM-derived MYR8.20 TP from MYR7.96, 5% upside and c.6% yield. KLCCP Stapled’s 1H24 results were in line with expectations, with its earnings driven by the retail and hospitality segments. Gearing ratio is at 32% post acquisition of the remaining 40% stake in Suria KLCC on 23 Apr – we think further acquisitions would be a positive to drive the group’s inorganic growth, as rental growth for its existing assets may be stable but limited.

Analyst:
Wan Muhammad Ammar Affan
[%ikFJ%]
Loong Kok Wen CFA
[%zIhi%]

$KLSE-KLCC
Research by RHB
Neutral– TP RM 8.20

"Stable Performance”

Keep NEUTRAL, with new DDM-derived MYR8.20 TP from MYR7.96, 5% upside and c.6% yield. KLCCP Stapled’s 1H24 results were in line with expectations, with its earnings driven by the retail and hospitality segments. Gearing ratio is at 32% post acquisition of the remaining 40% stake in Suria KLCC on 23 Apr – we think further acquisitions would be a positive to drive the group’s inorganic growth, as rental growth for its existing assets may be stable but limited.

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

$KLCC / 5235SS (KLCC PROPERTY HOLDINGS BERHAD)