KPJ Healthcare (Outperform, TP: RM2.66): Sells properties to Al-`Aqar-REIT. KPJ Healthcare's wholly owned subsidiaries entered into two separate conditional sale and purchase agreements to dispose of properties to Al-'Aqar Healthcare Real Estate Investment Trust (Al-'Aqar-REIT) for RM241m. (StarBiz) Comments: We believe KPJ's RM241m sale-and-leaseback transaction is a strategic move that strengthens its financial position while enhancing capital efficiency. The immediate cash inflow allows for debt reduction and reinvestment into core operations, supporting long-term growth. Under the agreement, KPJ will lease back the properties for 11 years (Ampang Puteri) and 15 years (Penang Specialist), with an option for renewal.