Equity Analysis /
Malaysia

MY : IGB REIT - Fully capturing retail recovery in 1HFY22

    Sharizan Rosely
    Sharizan Rosely

    Construction and Infrastructure

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    CGS-CIMB
    27 July 2022
    Published byCGS-CIMB

    1HFY22 results were broadly in line; core net profit surged 74% yoy. Robust NPI growth of 70% yoy (80% NPI margin) reflects strength in its retail malls and should further capture the retail sector’s recovery in 2HFY22F. Add rating and RM1.90 TP intact; FY22-24F dividend yields are 5.1-6.2%.