Menara CelcomDigi acquisition to enhance Sentral REIT’s performance, say analysts

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Menara CelcomDigi acquisition to enhance Sentral REIT’s performance, say analysts FMTNews FMTBusiness

Maybank Investment Bank sees enhanced earnings for Sentral REIT from FY2024f due to the acquisition of Menara CelcomDigi.

In a note today, Hong Leong Investment Bank Research was bullish on the acquisition of Menara CelcomDigi, citing the enduring single tenancy arrangement and a favourable 8% rental yield. As a result, HLIB adjusted its target price to 75 sen, down from 84 sen previously, while maintaining its “hold” recommendation.In Q2 FY2023, Sentral REIT recorded a core net profit of RM17.6 million, marking a slight 0.2% decline compared to the previous quarter and a 4.4% decrease year-on-year .

It anticipates that due to fierce competition within the office market, rental rates for office spaces in the Klang Valley are expected to continue experiencing downward pressure. As a result, the research house maintained its “buy” recommendation and a TP of 91 sen, calculated using the dividend-discount model .

 

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