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Company Update � Pavilion REIT (ADD,
maintain)
- Pavilion�s rising status as a prime retailing destination We maintain our ADD rating on PAVREIT with an NAV estimate of RM1.48, derived from a dividend discount model. DPU yields remain attractive at 6.2% for 2014E and 6.5% for 2015E vs. other large cap M-REITs at 5.9-6.2%. We believe that the outlook for retail sales at Pavilion Mall will remain intact, and we expect a growth rate of less than 5% from last year�s RM2bn, notwithstanding worries over weaker mainland Chinese tourist arrivals and domestic inflationary pressure. As one of the key upmarket shopping malls in KL, Pavilion Mall continues to attract the attention of international and upmarket retailers � the upcoming completion of some �asset enhancement initiatives� (AEI) is expected to see the entry of Tory Burch, MCM and Loewe. Some designer outlets may also be expanding their stores once the underground diversion tunnel works is completed by end-2016.
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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