According to Kenanga Research, the REIT's 1HFY21 realised net income of RM51.7mil was broadly within its expectation but below that of consensus at 56% and 31% of full-year forecasts respectively.
Moving forward, the research house expects 3QFY21 to remain weak in light of the record high daily new cases of Covid-19 but is optimistic over improvement in 4QFY21.
Further afield, Kenanga expects FY22 to be a comeback year for retail Malaysian REITs.
"Maintain FY21-22E core net profit of RM92.5-200.5m on mildly negative reversions in FY21 and high rental rebates, whilst we expect to see positive low single-digit reversions in FY22 and absence of rental rebates.
"Our FY21-22E gross distribution per unit of 3.3-6.9 sen imply gross yield of 2.5-5.1% (net yield of 2.2-4.6%)," said Kenanga.
It maintained "market perform" and a target price of RM1.30.