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Research by Ambank
Buy (Maintained) – FV of RM0.42

“Anticipation of stronger YoY sales in FY24”

We maintain BUY recommendation on Glomac with an unchanged fair value (FV) of RM0.42/share based on a discount of 45% to RNAV (Exhibit 5) and neutral ESG rating of 3-star (Exhibit 6). • The FV implies FY25F PE of 14x, slightly higher than the current average of smaller-cap property stocks. • We also maintain our earnings forecast following our recent meet up with Glomac’s management.

Analyst(s):
Khoo Zing Sheng 
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$KLSE-GLOMAC
Research by Ambank
Buy (Maintained) – FV of RM0.42

“Anticipation of stronger YoY sales in FY24”

We maintain BUY recommendation on Glomac with an unchanged fair value (FV) of RM0.42/share based on a discount of 45% to RNAV (Exhibit 5) and neutral ESG rating of 3-star (Exhibit 6). • The FV implies FY25F PE of 14x, slightly higher than the current average of smaller-cap property stocks. • We also maintain our earnings forecast following our recent meet up with Glomac’s management.

Analyst(s):
Khoo Zing Sheng 
khoo.zing-sheng@ambankgroup.com