We understand that Axis Business Campus (ABC) is still vacant although the refurbishment has been completed
We expect SCGB to clinch contracts of the upcoming major infrastructure projects, such as Mass Rapid Transit Line 2, Light Rail Transit 3 and Bus Rapid Transit, given its successful track record
We gather that UEMS plans to convert the building into ultra-luxurious residential, potentially with a mix of ground-floor retail and serviced apartment components. Rationale for the purchase is to ensure a steady flow of overseas projects. The property is in a different location from the two core CBD sites currently owned by UEMS.
Maintain buy with an unchanged target price (TP) of RM3.60.
Glomac’s 1QFY15 CNI grew 1% year-on-year (y-o-y) to RM21.1 million. Despite the flattish growth in 1QFY16, we anticipate stronger earnings growth in subsequent quarters due to a high contribution expected from Saujana KLIA, which still has unbilled sales of RM240 million.
The objective is to solve the urban transport woes by connecting all forms of urban transport network in a coherent transit-commute grid. Hence, the planned Bus Rapid Transit (BRT) projects are slated to be rolled out expeditiously.
Overall, the average distribution per unit (DPU) for six REIT stocks under our coverage grew by 4.7% y-o-y.