,KUALA LUMPUR: Pavilion Real Estate Investment Trust (REIT) could see a pick-up in rental income in the final quarter of the year as the economy gradually reopens following the ramp up in vaccination rates.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 exects FY22 to be a comeback year for retail Malaysian REITs."Maintain FY21-22E CNP 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 GDPU of 3.3-6.9 sen (NDPU of 3.0-6.2 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.
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