IGB REIT’s valuation appears stretched after this year’s rally, AmInvest said, at just under two times net asset value compared with peers like Sunway REIT and Pavilion REIT at slightly over one time NAV.
The distribution per unit (DPU) rose to 2.
Looking forward, the REIT said the primary challenge for Malaysia’s retail sector is still the escalating cost of living affecting consumers across income brackets.
It also saw net profit for the quarter increase 2.
Revenue for the quarter, meanwhile, increased by 5% year-on-year to RM416.
IGB REIT said revenue for 1QFY2024 rose 5.
Looking ahead, IGB REIT expects the retail sector to record a 3.
The strong profit growth was driven by higher contributions from all its operating segments, namely the property investment of commercial and retail, property development and hotel businesses.
Both REITs set Feb 15 as the ex-date for their DPUs, with the amount to be disbursed to unitholders on Feb 29.
IGB REIT Management also announced that Lee Chen Chong and Tan Boon Lee will be standing down as directors come Dec 31, as part of the board reorganisation to facilitate independence and diversity in the boardroom.
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