MIDF Research upgraded Sunway Real Estate Investment Trust (Reit) to "buy" after the latter’s latest earnings result exceeded market expectations.
“Our forecast had underestimated the growth of the hospitality segment which had surprisingly registered commendable growth in a challenging economic environment,” the broker said in a research note on Thursday.
MIDF raised its target price for Sunway Reit to RM1.39 per share from RM1.36 previously, while it lifted the Reit’s earnings forecast for the fiscal year ending June 30, 2012 by 6 percent.
By 10am , Sunway Reit shares rose 2.42 percent, outperforming the Malaysia’s benchmark stock index that climbed 0.08 percent.
By Reuters
Thursday, April 26, 2012
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