[%tCOG%] 
Research by RHB
Neutral - TP of RM0.91

"Earnings Missed From Lower Margins"

Maintain NEUTRAL and TP of MYR0.91, 1% upside. Tambun Indah’s 4Q23 results came in below with expectations from lower-than-expected margins. New sales of MYR98.8m in the quarter led to a full-year property sales of MYR246m, exceeding management’s initial target of MYR150m. We keep our call on the stock as management’s conservative launch plans should limit the upside to earnings.

Analyst(s):
Loong Kok Wen CFA 
+603 2302 8116
[%FMss%]

Wan Muhammad Ammar Affan 
+603 2302 8103
[%ehsD%]

$KLSE-TAMBUN 
Research by RHB
Neutral - TP of RM0.91

"Earnings Missed From Lower Margins"

Maintain NEUTRAL and TP of MYR0.91, 1% upside. Tambun Indah’s 4Q23 results came in below with expectations from lower-than-expected margins. New sales of MYR98.8m in the quarter led to a full-year property sales of MYR246m, exceeding management’s initial target of MYR150m. We keep our call on the stock as management’s conservative launch plans should limit the upside to earnings.

Analyst(s):
Loong Kok Wen CFA 
+603 2302 8116
loong.kok.wen@rhbgroup.com

Wan Muhammad Ammar Affan 
+603 2302 8103
ammaraffan@rhbgroup.com

$TAMBUN / 5191 (TAMBUN INDAH LAND BERHAD)