March 15, 2012

Sunway REIT: Maintain Buy - Sunway Putra Place, the next gem

Stock Name: SUNREIT
Company Name: SUNWAY REAL ESTATE INVT TRUST
Research House: MAYBANKPrice Call: BUYTarget Price: 1.40



Restoring Sunway Putra Place (SPP) to its glory days. SunREIT unveiled detailed refurbishment plans for Sunway Putra Mall (SPM) yesterday. The RM200m enhancement works, which will be completed by mid-2014, is expected to boost SPP's capital value and double its net property income (NPI). We upgrade our earnings forecasts by 3-8%, and DCF-based TP by 2sen to RM1.40. SunREIT is our top pick for the Malaysian-REIT sector. Maintain Buy.

Maybank Research 15 March 2012

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