Maybank Kim Eng upgrades CapitaLand’s Malaysia REIT despite vacancy concerns

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Despite lowering its FY2018 - 2020 earnings forecast for CapitaLand Malaysia Mall Trust, Maybank Kim Eng has upgraded its call on the REIT from ‘Hold’ to ‘Buy’.

The brokerage firm pointed to support for earnings from the REIT’s Gurney Plaza and East Coast Mall as factors that would mitigate near-term earnings risks, although earnings estimates has been lowered by as much as 5%.

The retail REIT now has a potential total return of 17%, with an estimated yield of 6.8% for its FY2018, said Maybank Kim Eng.

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