KUALA LUMPUR (Jan 16): CIMB Research has maintained its “Hold” rating on Pavilion REIT at RM1.46 with an unchanged target price of RM1.50 and said Pavilion REIT's 4Q14 core net profit of RM57.1 million brought its full-year FY14 earnings to RM226.5 million.

In a note Friday, the research house said this was in line with expectations, accounting for 102% and 99% of house and consensus estimates, respectively.

“Net property income (NPI) for the full year of FY14 rose by 7.5% year-on-year on the back of 7.1% revenue growth.

“4Q14 dividend per unit of 1.96 sen brought full-year DPU to 8 sen, in line with our forecast. We retain our FY15-16 earnings estimates and introduce our FY17 estimates.

“Our DDM-based target price is unchanged at RM1.50 while we maintain our Hold call on the stock. We prefer Axis REIT,” it said.