$ALSREIT / 5269 (AL-SALAM REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Hold - TP RM0.41

"2Q24: Shortfall"

1H24 realised earnings of MYR3m was below our expectation of MYR8m for FY24E. A 2nd interim gross DPU of 0.17sen (1H24: 0.47sen) was declared. We maintain our forecasts pending an update with management. Our unchanged TP of MYR0.41 is based on DDM. Maintain HOLD. The rejuvenation of KOMTAR JBCC remains a key re-rating catalyst for Al-Salam. For retail REIT, we prefer Pavilion REIT (PREIT MK, CP: MYR1.40, BUY, TP: MYR1.55).

Analyst:
Nur Farah Syifaa
nurfarahsyifaa.mohamadfuad@maybank-ib.com