Corporate Highlights

KLCC Property – Expectation materialising                                                              Outperform
News Update
-      Our expectation of KLCCP injecting its assets into a REIT seems to be materialising, with the company’s announcement of its “intention to explore a corporate structure including a REIT or equivalent” yesterday. Although we had earlier estimated a windfall of RM1.55/KLCCP share, the cash proceeds to shareholders will ultimately depend on the structure of the REIT and whether any additional assets will be injected from KLCC Holdings’ level.

5089 (KLCCP)
DJ MARKET TALK: Maybank Downgrades Malaysia REIT Sector To Hold
13-07-2012 01:43:00

 
0143 GMT [Dow Jones] Maybank IB cuts Malaysian real estate investment trusts to Neutral from Overweight, as share prices approach their targets and outperform the benchmark index by 0.8-8.2 percentage points; the house says the sector now trades at 6.8% average gross yield (5% for retail Malaysian-REITs), just 10 bps below 2012 Singapore-REITs' 6.9% (before 10% withholding tax for foreign institutional investors). "The next re-rating catalyst is likely to be the REIT-ing of KLCC Property (5089.KU), which may set a new benchmark in cap rates (capital valuation)," says Maybank. However, Axis REIT (5106.KU), while rated Hold, still stands out due to the "relatively attractive gross yields of 6.3% compared with the retail REITs, and a longer track record of growing its asset portfolio and dividends," it adds. Maybank has a Hold call for Sunway REIT (5176.KU), with a target of MYR1.40, while it raises CapitaMalls Malaysia Trust's (5180.KU) target to MYR1.56 from MYR1.37 and keeps its Hold call. (jason.ng@dowjones.com)


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(END) Dow Jones Newswires

5109 (STAREIT)
Final Income Distribution 3.6247 Sen per unit
12-07-2012 17:03:49

Entitlement Details:
Final Income Distribution of 3.6247 sen per unit (of which 1.2186 sen is taxable and 2.4061 sen is non-taxable in the hands of unitholders) in respect of the financial year ended 30 June 2012

Entitlement Type:  Income Distribution
Entitlement Date:  20120803 05:00PM
Year Ending/Period Ending/Ended Date:  20120630
EX Date:  20120801
Payment Date:  20120828

DJ MARKET TALK: CIMB Overweight On M'sia REITS, Retail Rush To Help
20-07-2012 03:41:00

 
0341 GMT [Dow Jones] STOCK CALL: CIMB keeps an Overweight rating on Malaysia's REITs as it expects a slew of government initiatives to boost disposable income. This would help the retail sector, as chunky lease expiries due in 2013 raises the prospect of higher rental pacts; hence, investors would favor defensive plays such as REITS amid lingering market volatility. The Malaysia Retailers Association expects retail sales to grow 6% in 2012, helped by about 25 million tourist arrivals. "The higher tourist arrivals and tourist receipts expected should give a boost to retail sales and benefit the percentage rent component of retail REITs' revenues," the house says in a report. It tips Sunway REIT (5176.KU) as a top pick, with a target price of MYR1.48 and an Outperform rating; it also keeps Outperform ratings on Pavilion REIT (5212.KU) and CapitaMalls Malaysia Trust (5180.KU); with target prices of MYR1.38 and MYR1.80 respectively. Sunway REIT is flat at MYR1.39, Pavillion is unchanged at MYR1.3, while CMMT is flat at MYR1.59. (abhrajit.gangopadhyay@dowjones.com)

5176 (SUNREIT)
Final Income Distribution 1.89 Sen (1.38 Sen Taxable & 0.51 Sen Non-taxable)
07-08-2012 17:48:56

Entitlement Details:
Final Income Distribution of 1.89 sen per unit (of which 1.38 sen per unit is taxable and 0.51 sen per unit is non-taxable) for the fourth quarter ended 30 June 2012

Entitlement Type:  Income Distribution
Entitlement Date:  20120824 05:00PM
Year Ending/Period Ending/Ended Date:  20120630
EX Date:  20120822
Payment Date:  20120906

A depositor shall quantify for the entitlement in respect of:
-Securities transferred into the Depositor's Security Account Before: 20120824 05:00PM
in respect of ordinary transfers
-Securities bought on BMSM on a cum entitlement basic according to the Rules of the BMSB

Registrar's Name and Contact :
Sunway Management Sdn BhdLevel 16, Menara SunwayJalan Lagoon Timur, Bandar Sunway46150 Petaling Jaya, Selangor Darul EhsanTel No. 03-5639 8889