MY : Sentral REIT - Go for its 7.6% dividend yield

1Q21 results beat expectations as revenue was stronger than expected. Core net profit advanced 6.3% yoy despite MCO 2.0. Achieved 96% tenancy renewals in 1Q21. Portfolio occupancy rate of 89% should remain stable in FY21F on the back of flattish rental reversion. Add call maintained, supported by upward revision in FY21-23F DPU; dividend yields are 7.6-7.7%. TP is unchanged on higher COE of 8.7%.

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