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NewsAffinHwang downgrades IGB REIT to Add, target price RM1.34
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AffinHwang downgrades IGB REIT to Add, target price RM1.34
by Cals Thu 30 Oct 2014, 23:24
AffinHwang downgrades IGB REIT to Add, target price RM1.34
KUALA LUMPUR (Oct 30): AffinHwang Capital Researh had downgraded IGB REIT Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) at to Add (from Buy) at RM1.30 with an unchanged target price of RM1.34 and said IGB REIT’s 9M14 realised net profit of RM176.4 million (+14.6% y-o-y) and accounted for 81% of house estimate of RM217.6 million and 80% of consensus estimate.
In a note Thursday, the research house said the 9M14 gross rental income grew by 4.5% y-o-y, driven by tenancy renewals, i.e. 33% of Mid Valley Megamall (MVM)’s NLA and 54% of The Gardens Mall (TGM)’s NLA saw a +15% revision in rates last year.
“We downgrade our Buy rating to Add as upside potential has narrowed.
“Our DDM-derived 12-month target price of RM1.34 remains unchanged,” it said.
KUALA LUMPUR (Oct 30): AffinHwang Capital Researh had downgraded IGB REIT Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) at to Add (from Buy) at RM1.30 with an unchanged target price of RM1.34 and said IGB REIT’s 9M14 realised net profit of RM176.4 million (+14.6% y-o-y) and accounted for 81% of house estimate of RM217.6 million and 80% of consensus estimate.
In a note Thursday, the research house said the 9M14 gross rental income grew by 4.5% y-o-y, driven by tenancy renewals, i.e. 33% of Mid Valley Megamall (MVM)’s NLA and 54% of The Gardens Mall (TGM)’s NLA saw a +15% revision in rates last year.
“We downgrade our Buy rating to Add as upside potential has narrowed.
“Our DDM-derived 12-month target price of RM1.34 remains unchanged,” it said.
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