[%iQzj%]
Research by Maybank
Buy – TP RM1.24

“Beat expectations"

TILB’s 1Q24 net profit of MYR15m (+38% YoY, +33% QoQ) and 1Q24 locked-in sales of MYR88m were above expectations. TILB will very likely exceed its internal sales target of MYR150m for FY24 (-39% YoY). We raise our earnings forecasts by 17-21% to factor in a higher sales assumption for FY24E (+80%). Our TP is raised to MYR1.24 (+29sen) on a higher 0.6x rolled forward FY25E P/B. U/G to BUY , backed by FY24E div yield of 5.4%.

Analyst:
Wong Wei Sum, CFA
[%VLnj%]

$KLSE-TAMBUN
Research by Maybank
Buy – TP RM1.24

“Beat expectations"

TILB’s 1Q24 net profit of MYR15m (+38% YoY, +33% QoQ) and 1Q24 locked-in sales of MYR88m were above expectations. TILB will very likely exceed its internal sales target of MYR150m for FY24 (-39% YoY). We raise our earnings forecasts by 17-21% to factor in a higher sales assumption for FY24E (+80%). Our TP is raised to MYR1.24 (+29sen) on a higher 0.6x rolled forward FY25E P/B. U/G to BUY , backed by FY24E div yield of 5.4%.

Analyst:
Wong Wei Sum, CFA
weisum@maybank-ib.com

$TAMBUN / 5191 (TAMBUN INDAH LAND BERHAD)