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Research by TA
Under Review – TP of MYR0.46

“Disappointing Performance”

Glomac’s 9MFY24 net profit of RM8.4mn came in below expectations, accounting for 54% and 52% of our and consensus full-year forecasts, respectively. The underperformance was mainly due to lower-thanexpected development margins. Note that 9MFY24 revenue was within expectations and came in at 77% of our full-year forecasts.

Analyst(s):
Thiam Chiann Wen 
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$KLSE-GLOMAC
Research by TA
Under Review – TP of MYR0.46

“Disappointing Performance”

Glomac’s 9MFY24 net profit of RM8.4mn came in below expectations, accounting for 54% and 52% of our and consensus full-year forecasts, respectively. The underperformance was mainly due to lower-thanexpected development margins. Note that 9MFY24 revenue was within expectations and came in at 77% of our full-year forecasts.

Analyst(s):
Thiam Chiann Wen 
cwthiam@ta.com.my