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The Star

Larger portfolio expected to boost Axis-REIT

PETALING JAYA: Axis Real Estate Investment Trust's (Axis-REIT) expanded portfolio of properties will anchor the growth of its financial performance this year (FY25) and beyond, analysts say. The REIT bought eight properties worth RM719mil last year and added 509,000 sq ft of net lettable area following the second- phase expansion of its Axis Mega Distribution Centre in Selangor. This translated to a 27% year-on-year rise in earnings to RM102.9mil in the first half of FY25 (1H25) for Axis-REIT. The REIT reported revenue of RM90mil and core net profit of RM52mil for 2Q25. Axis-REIT unitholders can expect a special dividend per unit (DPU) of 0.43 sen from the sale of The Annex office development in Petaling Jaya in April for RM24.2mil, which resulted in net gains of RM8.8mil. The special DPU will be evenly distributed from 2Q25 to 4Q25, the research house stated. The research house kept its 'market perform' call on the REIT with a target price (TP) of RM1.86 a unit on FY26 net distribution of 9.8 sen per unit. CGSI Research also maintained its 'add' call on Axis-REIT with a TP of RM2.28, while UOBKH Research has a 'buy' call with a TP of RM2.09.