IGB REIT: First Take: Strong beat to consensus estimates

研报英文原文证据摘录

IGB REIT: First Take: Strong beat to consensus estimates

J P M O R G A N Asia Pacific Equity Research

22 July 2026

IGB REIT Overweight

IGRE.KL, IGBREIT MK

First Take: Strong beat to consensus estimates Price (22 Jul 26):RM2.71

Price Target (Jun-27):RM3.25

Our First Take: 2Q26 DPU of 3.44 Mcts (+22.0% YoY) boosted by earlier

acquisition of Mid Valley Southkey (MVS) . This took 1H26 DPU to 7.44 Mcts

(+23.8% YoY) which was above our own and street expectations, representing

52% and 56% of our own and Bloomberg consensus estimates and above the

typical 50% 1H seasonal contribution. The beat to our estimates and consensus is

primarily driven by MVS’s continued outperformance on rents and margins. The

results were even more impressive considering the proportion of fees in units for Singapore/ASEAN Property and

1H26 stood at 50% versus our 65% estimate. Guidance of mid-single-digit REITs

reversion guidance across the portfolio was maintained, keeping the earnings on Mervin Song, CFA AC

the uptrend. IGB REIT remains our top M-REIT pick. (65) 6882-7829

mervin.song@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Key Positives Morgan Broking (Hong Kong) Limited

Terence M Khi

2Q26 group revenue and NPI rose 50.5% and 51.1% YoY to RM241.0m and (65) 6882-1518

RM181.2m, with MVS contributing RM75.1m in revenue and RM59.4m in NPI. terence.ml.khi@jpmorgan.com

Core Mid Valley MegaMall (MVM) continues to benefit from tenant sales and J.P. Morgan Securities Singapore Private Limited/

positive reversions, delivering 3.2% and 2.3% YoY increase in 2Q26 revenue and Morgan Broking (Hong Kong) Limited

NPI to RM115.5m and RM89.6m respectively. Overall portfolio occupancy Yen Voo, CFA, CA

improved to 99.4% from 98.6% in 2Q25.