[%Yulg%] 
Research by RHB
Buy (Maintain) – Target Price RM0.43

“Slowly But Surely; Keep BUY”

Keep BUY, with new MYR0.43 TP from MYR0.40, 33% upside and c.3% FY24F (Jun) yield. 6M24 core profit of MYR14m (-0.4% YoY) missed estimates – accounting for 24% of our 18-month FY24F. The negative deviation was from higher-than-expected cost of sales. The potential review of the “Malaysia My Second Home” programme may underpin unit sales of its property project, The Peak, in Johor Bahru – serving as a key earnings driver post-Light Rail Transit 3 (LRT3) in CY24-25.

Analyst:
Adam Bin Mohamed Rahim 
[%GcYt%]

$KLSE-GBGAQRS 
Research by RHB
Buy (Maintain) – Target Price RM0.43

“Slowly But Surely; Keep BUY”

Keep BUY, with new MYR0.43 TP from MYR0.40, 33% upside and c.3% FY24F (Jun) yield. 6M24 core profit of MYR14m (-0.4% YoY) missed estimates – accounting for 24% of our 18-month FY24F. The negative deviation was from higher-than-expected cost of sales. The potential review of the “Malaysia My Second Home” programme may underpin unit sales of its property project, The Peak, in Johor Bahru – serving as a key earnings driver post-Light Rail Transit 3 (LRT3) in CY24-25.

Analyst:
Adam Bin Mohamed Rahim 
adam.mohamed.rahim@rhbgroup.com