Footfall at Pavilion REIT’s Malls at More Sustainable Levels (The Malaysian Reserve)

April 8, 2021 – Analysts are turning more positive on the outlook for Pavilion Real Estate Investment Trust’s (REIT) malls as shopper volume has seen a pick-up despite closed borders. 

RHB Investment Bank Bhd (RHB Research) noted the uptick in volume points to earnings growth, especially for the financial year ending 2022 (FY22).

In its report, RHB Research stated that Pavilion REIT’s FY20 results were in line with its expectations, supported in part by its strong fourth-quarter (4Q) performance last year. 

Footfall reached 90% of the pre-pandemic levels as dependency on tourists dropped and was aided by more local shoppers. 

“We think the lessened dependency on tourists can be sustained and signals a positive turning point. With the falling infection rates and inoculation programme in motion, we believe Pavilion REIT’s malls will see shopper volume increasing over the next 12 months,” the investment bank said.

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