MQREIT’s 1H20 Core Net Profit of RM38.9m (+8.4% YoY) Was Above Most Consensus Estimates, Due to Lower-than-expected Total Expenses. Overall, the Improved Performance Was Due to New Tenancy and Lower Expenses. I Anticipate Resilient Earnings for FY20 From These New Tenants. I Increase Our Earnings by 10% for FY20-22 to Account for Lower Expenses and Contribution From New Tenancy. Maintain Our BUY Call With a Higher TP of RM0.85 (from RM0.79).