Maybank IB downgrades Pavilion REIT on weak earnings, absence of growth catalysts

KUALA LUMPUR: Maybank Investment Bank research maintained its "hold" recommendation on Pavilion Real Estate Investment Trust (REIT) amid disappointing 1Q20 earnings coupled with a lack of major growth catalysts.

"We lower our FY20/21/22E earnings by 20/1/1%, after mainly assuming lower rental income and higher opex across its malls," said the research house. It dropped its target price to RM1.57 from RM1.60 previously.