[%sOUx%] 
Research by Public
Neutral – TP RM1.96

" Raising Up to RM455m Cash”
Axis REIT (AXREIT) proposed to raise up to RM455m, assuming the maximum number of placement units are issued at an issue price of RM1.73 per unit, representing a discount of about 3.20% to recent fair market price of RM1.7872. The proceeds will mainly be used to pare down its debt. Assuming RM455m is raised, RM450m will be used to reduce its financing ratio from about 0.42x (post completion of new asset acquisitions) to about 0.34x, giving it adequate debt headroom in the event of more asset acquisitions in the future. Pending the completion which is expected by 4QFY24, we keep our earnings unchanged for now. Maintain our Neutral call with TP unchanged at RM1.96.

Analyst:
Tan Siang Hing
[%TYgf%]

$KLSE-AXREIT 
Research by Public
Neutral – TP RM1.96

" Raising Up to RM455m Cash”
Axis REIT (AXREIT) proposed to raise up to RM455m, assuming the maximum number of placement units are issued at an issue price of RM1.73 per unit, representing a discount of about 3.20% to recent fair market price of RM1.7872. The proceeds will mainly be used to pare down its debt. Assuming RM455m is raised, RM450m will be used to reduce its financing ratio from about 0.42x (post completion of new asset acquisitions) to about 0.34x, giving it adequate debt headroom in the event of more asset acquisitions in the future. Pending the completion which is expected by 4QFY24, we keep our earnings unchanged for now. Maintain our Neutral call with TP unchanged at RM1.96.

Analyst:
Tan Siang Hing
research@publicinvestbank.com.my

$AXREIT / 5106 (AXIS REAL ESTATE INVESTMENT TRUST)