[%tZyC%] 
Research by TA
BUY  – TP RM1.98

"Refined Transcend 2027 Strategy to Maximise Potential”

The recent engagement with Sunway REIT’s management revealed a pivotal shift in the REIT’s strategic direction. In a thoughtful recalibration of its Transcend 2027 strategy, Sunway REIT is intensifying its focus on retail—the sector where it has historically excelled—while scaling back its earlier ambitions to significantly diversify into services, industrial, and international properties. We are positive on this refined approach as it underscores a strategic decision to capitalise intensively on Sunway REIT’s most robust asset class, ensuring focused growth and enhanced shareholder value. Maintain Buy on Sunway REIT with an unchanged TP of RM1.98, based on target yield of 5.5% and a 3% ESG premium

Analyst:  
Thiam Chiann Wen
[%hRiL%]

$KLSE-SUNREIT 
Research by TA
BUY  – TP RM1.98

"Refined Transcend 2027 Strategy to Maximise Potential”

The recent engagement with Sunway REIT’s management revealed a pivotal shift in the REIT’s strategic direction. In a thoughtful recalibration of its Transcend 2027 strategy, Sunway REIT is intensifying its focus on retail—the sector where it has historically excelled—while scaling back its earlier ambitions to significantly diversify into services, industrial, and international properties. We are positive on this refined approach as it underscores a strategic decision to capitalise intensively on Sunway REIT’s most robust asset class, ensuring focused growth and enhanced shareholder value. Maintain Buy on Sunway REIT with an unchanged TP of RM1.98, based on target yield of 5.5% and a 3% ESG premium

Analyst:  
Thiam Chiann Wen
cwthiam@ta.com.my

$SUNREIT / 5176 (SUNWAY REAL ESTATE INVESTMENT TRUST)