UOA Real Estate Investment Trust (UOAR) commenced its operations in December 2005 and has now expanded its property portfolio to 6 buildings spanned across Kuala Lumpur, Damansara Heights, and Bangsar South. Properties are located in strategic locations coupled with the alignment of interest with UOA Development Bhd granted few long-term competitive edges against its peers. We initiate coverage on UOAR with a BUY call and fair value of RM1.40, based on 14.0x P/E pegged to its forward FY23f EPS of 10.0 sen.
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