[%YXKU%] 
Research by PB
Neutral - TP of RM0.26

"Encouraging Signs"

I-Berhad reported an encouraging 4QFY23 net profit of RM3.7m (-56.0% YoY, -33.4% QoQ), with the comparative numbers distorted by one-off items (ie. gains from re-measurement of liabilities, etc.) in the corresponding period. Importantly, 
cumulative FY23 net profit of RM11.7m is within our estimates at 96% of full-year numbers. On a business-as-usual basis, the Group’s property investment and leisure divisions provided the biggest lift to earnings though the latter is partly seasonal. We continue to be encouraged by the Group’s steady fundamental improvements, with scope for longer-term upside still attractive as ~50% of its gross development value (RM5bn) has yet to be realized. I-Berhad’s long-term value is an attractive proposition, though we retain our Neutral call as we continue to wait on further consistency in its earnings recovery. Our target price is unchanged at RM0.26 (~60% discount to book value).

Analyst(s):
Ching Weng Jin
[%EfWx%]

$KLSE-IBHD 
Research by PB
Neutral - TP of RM0.26

"Encouraging Signs"

I-Berhad reported an encouraging 4QFY23 net profit of RM3.7m (-56.0% YoY, -33.4% QoQ), with the comparative numbers distorted by one-off items (ie. gains from re-measurement of liabilities, etc.) in the corresponding period. Importantly, 
cumulative FY23 net profit of RM11.7m is within our estimates at 96% of full-year numbers. On a business-as-usual basis, the Group’s property investment and leisure divisions provided the biggest lift to earnings though the latter is partly seasonal. We continue to be encouraged by the Group’s steady fundamental improvements, with scope for longer-term upside still attractive as ~50% of its gross development value (RM5bn) has yet to be realized. I-Berhad’s long-term value is an attractive proposition, though we retain our Neutral call as we continue to wait on further consistency in its earnings recovery. Our target price is unchanged at RM0.26 (~60% discount to book value).

Analyst(s):
Ching Weng Jin
research@publicinvestbank.com.my