$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by Maybank
Buy - TP RM2.12

"Acquiring two adjoining properties at Klang"

We are mildly positive on Axis’ proposed purchase of two adjoining industrial properties within Klang. We estimate the purchase to be yield accretive, with an estimated 5.9% net property yield. No change to our earnings forecasts and DDM-TP of MYR2.12 (Ke: 6.9%). Axis expects to record the highest value in acquisitions in FY24E, totalling MYR684.4m. Maintain BUY (sector top pick).

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