MY : Sunway REIT - Back to square one with Covid-19 risks

9MFY21 results were below expectations with core net profit decline of 53% yoy. Key deviation came from lower NPI margin. The group is turning more cautious on the recovery prospects of its retail and hotel assets, triggered by the resurgence of Covid-19 cases. Hold retained with lower TP. FY21-23F dividend yield of 3.4-4.9% as support.

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