Al-`aqar Healthcare Reit

$ALAQAR / 5116 (AL-`AQAR HEALTHCARE REIT)
Research by MIDF
Neutral - TP RM1.29

"Earnings Dragged by Higher Expenses"

• 1HFY24 earnings slightly below expectation
• Higher expenses in 2QFY24
• Earnings forecast revised downwards
• Maintain NEUTRAL with a revised TP of RM1.29

Analyst:
Jessica Low Jze Tieng
jessica.low@midf.com.my

Thursday Trivia: $KPJ / 5878 (KPJ HEALTHCARE BERHAD) - Malaysia's Leading Specialist Hospital

$KPJ / 5878 (KPJ HEALTHCARE BERHAD) is one of Malaysia's leading private healthcare providers, operating over 20 hospitals nationwide. However, did you know that most of KPJ's hospital buildings are owned and operated by $ALAQAR / 5116 (AL-`AQAR HEALTHCARE REIT)? The last acquisition by ALAQAR from KPJ was in 2022, when ALAQAR purchased three hospitals for RM192 million. This transaction was a related-party deal, as Johor Corp is the largest shareholder of both companies.

Any more interesting fact that you find about this? Let us know in the comment section below!

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : NON RELATED PARTY TRANSACTIONSAL-`AQAR HEALTHCARE REIT ("AL-`AQAR")

PROPOSED DISPOSAL

ALAQAR - Notice of Book Closure

Income Distribution

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

OTHERSAl-Aqar Healthcare REIT ("AL- Aqar") -Press Release

General Meetings: Outcome of Meeting

NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

CIRCULAR TO UNITHOLDERS OF AL-`AQAR HEALTHCARE REIT ("AL-`AQAR") IN RELATION TO THE PROPOSED RENEWAL OF UNITHOLDERS MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

General Meetings: Notice of Meeting

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONSAl-'Aqar Healthcare Real Estate Investment Trust (Al-'Aqar)

RECURRENT RELATED PARTY TRANSACTIONS VARIATION BETWEEN ACTUAL VALUE AND ESTIMATED VALUE BY 10% OR MORE

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONSAL-`AQAR HEALTHCARE REIT ("AL-`AQAR" )

PROPOSED RENEWAL OF UNITHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED RRPT MANDATE")

OTHERSAl-'Aqar Healthcare Real Estate Investment Trust (Al-'Aqar)

Revaluation of Investment Properties pursuant to Paragraph 10.02 (b)(i) of the Guidelines on Listed Real Estate Investment Trusts (Listed REIT Guidelines) issued by the Securities Commission Malaysia (SC).

Annual Report & CG Report - 2023

$ALAQAR / 5116 (AL-`AQAR HEALTHCARE REIT)
Research by MIDF
Neutral (Maintain) – Target Price RM1.25

“Stable Outlook Intact”

KEY INVESTMENT HIGHLIGHTS
• Al-‘Aqar Healthcare REIT results briefing
• Organic growth from lease renewal
• Islamic financing cost stabilised
• Double portfolio size to RM3b by 2028
• Maintain NEUTRAL with an unchanged TP of RM1.25

Analyst
Jessica Low Jze Tieng
jessica.low@midf.com.my

$ALAQAR / 5116 (AL-`AQAR HEALTHCARE REIT)
Research by MIDF
Maintain Neutral - Unchanged TP of RM1.25

"Subdued Earnings in FY23"

• FY23 earnings within expectation
• Subdued earnings in FY23
• Earnings forecast maintained
• Maintain NEUTRAL with an unchanged TP of RM1.25

Analyst(s):
Jessica Low Jze Tieng
jessica.low@midf.com.my

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE

ALAQAR - Notice of Book Closure

Income Distribution

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD