AmanahRaya REIT: Maintain Buy - Results in line

Stock Name: ARREIT
Company Name: AMANAHRAYA REITS

Research House: MAYBANK

Price Call: BUY

Target Price: 0.95

Maintain Buy. AAREIT's RM42.5m 2011 core net profit (+2.7% YoY) came in as expected. 2011 DPU of 7.2sen was also in line (7.8% yield; 97% payout). Positive earnings surprises could come from the potential sale of Wisma UEP while RM200m new assets target for 2012 would enlarge the earnings base. We fine-tune our earnings forecasts by +1.4-1.6% post actual 2011 results announcement. Our DCF-based target price remains intact at RM0.95.

Maybank Research 16 Feb 2012

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AmanahRaya REIT (Buy): No suprises

Stock Name: ARREIT
Company Name: AMANAHRAYA REITS

Research House: MAYBANK

Price Call: BUY

Target Price: 0.95

Maintain Buy. AAREIT's 9M11 net profit of RM32.2m (+2% YoY) was 76% of our full-year earnings forecast (in line). YTD DPU of 5.3 sen was also in line to meet our 2011 DPU forecast of 7.0 sen. We continue to like AAREIT for its long term lease agreements with 42.7% (2012) and 35.2% (2013) by NLA up for rental review with the existing tenants. We maintain our Buy call and DCF-based TP of RM0.95.

Maybank research (1 December 2011)

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