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Top Calls
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Sector Update � M -REITs (NEUTRAL, maintain)
- Real-estate cycle peaking, M-REIT yields remain decent We maintain our NEUTRAL stance on the M-REITs sector, underpinned by our view that: i) the M-REITs� yield spread against the 10-year MGS may plateau; ii) the fear of Fed-tapering and interest-rate normalization may continue to undermine investor interest; and iii) stable economic growth may underpin the M-REITs� stability amidst rising inflation. At this juncture, Malaysia�s real-estate cycle is peaking, the outlook for upward rental reversion appears to be moderating while high capital values continue to dampen investment activities. We call for a selective focus on prime M-REITs, which are backed by stable leases, proven track record in undertaking yield-accretive acquisitions and AEI, as well as with a strong sponsor-backing. We have a BUY rating on IGB REIT with a PT at RM1.34 (upside 17.5%) and an ADD rating on Pavilion REIT, PT at RM1.48.
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Other Calls
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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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