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.
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