TAILIEUCHUNG - A STUDY ON THE PERFORMANCE OF MALAYSIAN REAL ESTATE INVESTMENT TRUSTS FROM 2005-2010 BY USING NET ASSET VALUE APPROACH

In the longer run, the service sector is expected to continue ex- panding faster than the overall economy, . the share of the service sector in overall employment will increase. Our baseline scenario for regional office employment does not forecast any big shifts in the regional distribution of the industries. Based on population size and the concentration of services, Istanbul is and will remain by far the largest office market in the country, with the market’s importance as a gateway between Europe and Asia continuing to increase. Still, a rapid increase in office employment is anticipated throughout the country at rates. | Dr. OngTze San et al. Int. J. Eco. Res. 2011 2 1 1-15 ISSN 2229-6158 A STUDY ON THE PERFORMANCE OF MALAYSIAN REAL ESTATE INVESTMENT TRUSTS FROM 2005-2010 BY USING NET ASSET VALUE APPROACH Dr. OngTze San Senior Lecturer Faculty of Economics and Management University Putra Malaysia Malaysia Teh Boon Heng Lecturer -Faculty of Management Multimedia University Malaysia ChongMei Pong Graduate School of Management Faculty of Economics and Management University Putra Malaysia Malaysia Corresponding author Tze San Ong Department of Accounting and Finance Faculty of Economics and Management UPM. tzesan@ ABSTRACT This paper is to understand the definition and the development of REIT in Malaysia and further examine performance of Malaysia REIT based on the Net Asset Value approach NAV . This study also assesses the noise theory and explains why Malaysia REIT trade at NAV premium and NAV discount. Annual data series for annual closing price of the thirteen listed real estate investment trusts ARREIT AXREIT TWREIT AMFIRST BSDREIT AHP AHP2 ALAQAR HEKTAR UOAREIT QCAPITAL ATRIUM and STAREIT are obtained from the Kuala Lumpur Stock Exchange also called Bursa Malaysia for the study period from 2005 to 2010. Information about total asset total liabilities and number of shares outstanding are getting from the 13 MREIT s respective annual financial report. The result showed that AHP2 has the lowest NAV value among the thirteen listed REIT in Malaysia and traded at NAV discount. This was compatible with the NAV discount in NAV approach. NAV discounts below the current stock prices are reflection of poor current and future prospects for firm earnings mistakes in financing and operations decision. AXREIT is traded at NAV discount due to the irrational behaviour of investors in noise trader theory and not because it s poor performance. Investors are overly optimistic about AXREIT according to noise theory. Overall MREIT are traded at NAV premium. In conclusion MREIT are .

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