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Research by RHB
Neutral – TP RM2.02

“Strong Bookings For Bamboo Hills Residences"

Maintain NEUTRAL, new TP of MYR2.02 from MYR1.86, 1% upside with 5% FY24F yield. UOA Development’s 1Q24 results fell below estimates. Although 1Q24 property sales only amounted to MYR121m, we expect this to improve in 2H, given the overwhelming response to Bamboo Hills Residences. Meanwhile, its earnings will likely pick up, with the completion of Laurel Residence by the end of the year. We raise our TP (based on a 35% discount to RNAV, from 40%) to be in line with the overall sector re-rating.

Analyst:
Loong Kok Wen, CFA
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$KLSE-UOADEV
Research by RHB
Neutral – TP RM2.02

“Strong Bookings For Bamboo Hills Residences"

Maintain NEUTRAL, new TP of MYR2.02 from MYR1.86, 1% upside with 5% FY24F yield. UOA Development’s 1Q24 results fell below estimates. Although 1Q24 property sales only amounted to MYR121m, we expect this to improve in 2H, given the overwhelming response to Bamboo Hills Residences. Meanwhile, its earnings will likely pick up, with the completion of Laurel Residence by the end of the year. We raise our TP (based on a 35% discount to RNAV, from 40%) to be in line with the overall sector re-rating.

Analyst:
Loong Kok Wen, CFA
loong.kok.wen@rhbgroup.com