Below expectation. UOAREIT’s 2Q23 core earnings came in at RM13.9m (-2.1% QoQ, -8.9% YoY), brought the 6M23 sum to RM28.1m (-8.0% YoY), which accounted for 45.6% and 42.7% of ours and consensus estimates.

We downgrade from to HOLD (from BUY) recommendation on UOAREIT, with lower target price of RM1.20.