PETALING JAYA: KLCCP Stapled Group faces headwinds from the impact of the Covid-19 pandemic which is affecting the retail and hospitality segments, say research analysts.
Maybank Investment Bank (IB) Research said it had turned more cautious on Suria KLCC shopping mall and Mandarin Oriental Kuala Lumpur hotel’s near-term earnings outlook, due to the Conditional Movement Control Order (CMCO) from November 9 to December 6.
This could potentially delay the recovery of footfall traffic and tenant sales at the mall, and room occupancy and food and beverage revenue at the hotel.
The research unit said it had lowered its financial year 2020,2021 and 2022 estimated earnings by 10%, 5% and 4% respectively after reducing its earnings estimates for Suria KLCC and Mandarin Oriental, in view of prolonged weaknesses due to the pandemic.
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