KUALA LUMPUR (Jan 17): Maybank Investment Bank Research said Axis REIT’s 2011 results were below its expectations at 92% of its forecast but within consensus estimates.
It said on Tuesday the shortfall was mainly due to the delays in its acquisitions of the DHL and industrial buildings in Seberang Perai, which is a mere timing issue.
“2011 gross distribution per unit (DPU) of 17.2sen (6.4% yield) was in line. We continue to like Axis REIT's hands-on management and its proven track record in growing its dividend income stream. Axis REIT remains our top pick for the sector,” it said.
It said on Tuesday the shortfall was mainly due to the delays in its acquisitions of the DHL and industrial buildings in Seberang Perai, which is a mere timing issue.
“2011 gross distribution per unit (DPU) of 17.2sen (6.4% yield) was in line. We continue to like Axis REIT's hands-on management and its proven track record in growing its dividend income stream. Axis REIT remains our top pick for the sector,” it said.
