[%loOT%] 
Research by CGS
ADD – TP RM1.52

" REIT offering to degear balance sheet”

■ Proposed Paradigm REIT will comprise 3 assets with a combined asset value of RM2.4bn. We believe this will aid in degearing WCT’s balance sheet.
■ Restricted offer for sale to existing shareholders on a 1-for-8 basis; key to a successful IPO is dividend yield of more than 6%, in our view.
■ Reiterate Add and SOP-derived TP of RM1.52. 

 Analyst:  
CHONG Tjen-San, CFA
[%Jhxo%]

$KLSE-WCT 
Research by CGS
ADD – TP RM1.52

" REIT offering to degear balance sheet”

■ Proposed Paradigm REIT will comprise 3 assets with a combined asset value of RM2.4bn. We believe this will aid in degearing WCT’s balance sheet.
■ Restricted offer for sale to existing shareholders on a 1-for-8 basis; key to a successful IPO is dividend yield of more than 6%, in our view.
■ Reiterate Add and SOP-derived TP of RM1.52. 

 Analyst:  
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com