[%tBgu%]
Research by RHB
Neutral – TP RM1.20

“Missing Catalysts To Drive Further Growth"

Maintain NEUTRAL, with new MYR1.20 TP from MYR0.91, 8% upside. Tambun Indah’s 1Q24 results beat expectations as it recorded MYR88.1m in new property sales, ahead of management’s full-year guidance of MYR150m. Management is keeping its guidance for now. Despite the strong start, we keep our NEUTRAL call on the stock as management’s conservative plans should limit the upside to earnings with just one launch planned for the end of the year with a GDV of MYR52m.

Analysts:
Wan Muhammad Ammar Affan 
[%NEjJ%]
Loong Kok Wen CFA 
[%JKkl%]

$KLSE-TAMBUN
Research by RHB
Neutral – TP RM1.20

“Missing Catalysts To Drive Further Growth"

Maintain NEUTRAL, with new MYR1.20 TP from MYR0.91, 8% upside. Tambun Indah’s 1Q24 results beat expectations as it recorded MYR88.1m in new property sales, ahead of management’s full-year guidance of MYR150m. Management is keeping its guidance for now. Despite the strong start, we keep our NEUTRAL call on the stock as management’s conservative plans should limit the upside to earnings with just one launch planned for the end of the year with a GDV of MYR52m.

Analysts:
Wan Muhammad Ammar Affan 
ammaraffan@rhbgroup.com
Loong Kok Wen CFA 
loong.kok.wen@rhbgroup.com

$TAMBUN / 5191 (TAMBUN INDAH LAND BERHAD)