Maybank Investment Bank Bhd (Maybank IB) has maintained a BUY call on CapitaLand Malaysia REIT Management Sdn Bhd, with a target price of 73 sen. The research house's decision was supported by an attractive projected dividend yield of 6.3% per annum for the financial year of 2024 (FY24)/FY25E, which strengthens the trust's investment appeal.

In the third quarter of 2024, CapitaLand Malaysia recorded a core net profit of RM30.2 million, a 9% year-on-year growth, driven by positive rental reversion and improved occupancy rates across its properties.

Operationally, CapitaLand Malaysia has made strategic moves to enhance its financial position where during the quarter, it refinanced several existing loans, extending their maturity to 2031 and beyond, which is expected to generate annual interest cost savings of RM2.5 million.

Looking ahead, CapitaLand Malaysia's earnings forecast remains stable, with expectations for an EPU growth of 22.4% in FY24, largely due to the full-year contribution from Queensbay Mall, which was acquired in March 2023. This acquisition is expected to further bolster CapitaLand Malaysia's revenue stream moving forward.

With its portfolio diversification and operational enhancements, CapitaLand Malaysia remains an attractive investment option for shareholders.