We maintain BUY recommendation on REXIT, with a target price of RM0.925 (upside of 18.6%). The target price is derived by ascribing a P/E of 14.0x to FY24f EPS of 6.6 sen. Also, we assumed a payout of 4.0-4.1 sen per share over the next two years, representing a payout ratio of 60.0% of its distributable income from FY24-FY25f.