[%TGQR%] 
Research by Kenanga
OUTPERFORM – TP RM1.43

" REIT Listing to Unlock Value”

WCT has confirmed the disposal value of its three retail mall assets at RM2.44b for a REIT listing, to be named Paradigm REIT in 1QFY25. The valuation exceeds our previous assumption of RM1.02b, prompting us to upgrade our TP by 22% to RM1.43 (from RM1.17). We are positive on this REIT listing as it marks the start of a re-rating exercise. The next focus should be on its property development segment, supported by a stronger balance sheet post the REIT listing. Upgrade to OUTPERFORM.

Analyst:  
Teh Kian Yeong
[%GQmI%]

$KLSE-WCT 
Research by Kenanga
OUTPERFORM – TP RM1.43

" REIT Listing to Unlock Value”

WCT has confirmed the disposal value of its three retail mall assets at RM2.44b for a REIT listing, to be named Paradigm REIT in 1QFY25. The valuation exceeds our previous assumption of RM1.02b, prompting us to upgrade our TP by 22% to RM1.43 (from RM1.17). We are positive on this REIT listing as it marks the start of a re-rating exercise. The next focus should be on its property development segment, supported by a stronger balance sheet post the REIT listing. Upgrade to OUTPERFORM.

Analyst:  
Teh Kian Yeong
tehky@kenanga.com.my