$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)
Research by Maybank
BUY – TP RM 2.12

" Proposes placement”

We are neutral on Axis’ proposed placement exercise. Axis’ enlarged balance sheet and lower gearing level post exercise will provide for more M&A opportunities for its medium-to-longer growth, although the exercise could dilute EPU by 7-9%. We maintain our earnings forecasts and DDMbased TP of MYR2.12 (Ke: 6.9%) for now. Axis expects to record the highest acquisition in FY24E, totalling MYR684.4m. Maintain BUY (sector top pick)

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