not vested
KLCC Property Holdings - Growth from retail
KLCCP's 4Q14 core net profit of RM205.1m brought its full-year FY14 core net profit to RM711.2m.
This is in line with our estimate as it accounted for 102% of our and 98% of consensus full-year forecasts.
Core net profit grew by 24.6% yoy.
Revenue growth in FY14 was driven by its retail and management services, which grew by 5.4% and 21.2% yoy, respectively.
We make no changes to our FY15-16 earnings forecasts, while we introduce our FY17 numbers.
While the results were in line, we note that KLCCP's outlook remains dry as there are unlikely to be any acquisitions in the near-term.
We maintain our Hold call on the stock.
Our DDM-based target price remains unchanged. For exposure to M-REITs, we prefer Axis REIT.
Source: CIMB