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Research by RHB
Buy - TP RM1.75

"Decent Showing Despite Soft Seasonality; U/G To BUY"

Upgrade to BUY from Neutral, new MYR1.75 TP from MYR1.35, 17% upside. AEON Co M’s 1H24 results exceeded expectations, driven by stronger-than-expected performance in the property management segment (PMS). Current below mean valuation is attractive, with AEON’s retail segment well-positioned to capitalise on positive sector developments. PMS is expected to remain resilient, supported by strong rental reversion, while the hybrid rental model is poised to benefit from improved tenant sales amid better consumer sentiment.

Analysts:
Tai Yu Jie
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Soong Wei Siang
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$KLSE-AEON 
Research by RHB
Buy - TP RM1.75

"Decent Showing Despite Soft Seasonality; U/G To BUY"

Upgrade to BUY from Neutral, new MYR1.75 TP from MYR1.35, 17% upside. AEON Co M’s 1H24 results exceeded expectations, driven by stronger-than-expected performance in the property management segment (PMS). Current below mean valuation is attractive, with AEON’s retail segment well-positioned to capitalise on positive sector developments. PMS is expected to remain resilient, supported by strong rental reversion, while the hybrid rental model is poised to benefit from improved tenant sales amid better consumer sentiment.

Analysts:
Tai Yu Jie
tai.yu.jie@rhbgroup.com
Soong Wei Siang
soong.wei.siang@rhbgroup.com