Sunway REIT’s (SREIT) 2QFY26 realised net profit came in at RM106.5m (+10.3% YoY, -2.3% QoQ) which was slightly ahead of our estimates but largely in line with consensus expectations.
YTD, Group’s 1HFY25 realised net profit of RM215.5m (+10.5% YoY) constituted about 53% and 48% of our and consensus full year estimates.
Sunway REIT
In 1HFY26, Group revenue rose 3.0% YoY to RM443.4m and net property income (NPI) rose 4.9% YoY to RM327.4m underpinned by sustained strength in its portfolio, particularly in the Retail and Industrial & Others segment, improved contributions from Hotel and Industrial assets, and the steady performance of Office portfolio.
“After adjusting for changes in the asset portfolio, we raise our FY26-27F forecasts by 8-11% and nudge our TP to RM2.30 (from RM2.10 previously) or pricing it at about 5.5% dividend yield, based on FY26F dividend forecast. Given the limited share price upside, we maintain our Neutral call,” says PIB.
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