Stock Name: PAVREIT
Company Name: PAVILION REAL ESTATE INV TRUST
A good set of results. PavREIT's RM12.4m core net profit over 7-31 Dec 2011 (listed on 8 Dec 2011) was 13% above our and its own IPO forecasts. Management is confident of beating its own RM167m 2012 net profit forecast, especially with the reconfiguration of the existing TANGS space into a high street fashion precinct, thereby attracting higher rentals psf. We tweak our 2012-13 net profit forecasts by +1% but maintain our RM1.10 DCF-based TP. We maintain our Hold recommendation, as total return is less than 15%.
Maybank Research 9 Feb 2012
Click here for full report
Company Name: PAVILION REAL ESTATE INV TRUST
| Research House: MAYBANK | Price Call: HOLD | Target Price: 1.10 |
A good set of results. PavREIT's RM12.4m core net profit over 7-31 Dec 2011 (listed on 8 Dec 2011) was 13% above our and its own IPO forecasts. Management is confident of beating its own RM167m 2012 net profit forecast, especially with the reconfiguration of the existing TANGS space into a high street fashion precinct, thereby attracting higher rentals psf. We tweak our 2012-13 net profit forecasts by +1% but maintain our RM1.10 DCF-based TP. We maintain our Hold recommendation, as total return is less than 15%.
Maybank Research 9 Feb 2012
Click here for full report
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