[%BhWd%]
Research by PIB
Trading Buy – TP of MYR 0.32

“Steady Improvements ” 

I-Berhad’s steady momentum from previous quarters carried through into the new financial year, with a 1QFY24 net profit of RM4.1m (+>100% YoY, +11.1% QoQ) reported. Property development contributions remain relatively weak amid the lack of meaningful new launches, though income contributions are now appearing more broad-based with steady support from the property investment and leisure segments. Broadly meeting our estimates at 21% of full-year numbers, we leave our forecasts unchanged as we expect stronger quarters ahead on sustained traction from its growth initiatives.

Analyst(s):
Ching Weng Jin
[%cHDS%]

$KLSE-IBHD
Research by PIB
Trading Buy – TP of MYR 0.32

“Steady Improvements ” 

I-Berhad’s steady momentum from previous quarters carried through into the new financial year, with a 1QFY24 net profit of RM4.1m (+>100% YoY, +11.1% QoQ) reported. Property development contributions remain relatively weak amid the lack of meaningful new launches, though income contributions are now appearing more broad-based with steady support from the property investment and leisure segments. Broadly meeting our estimates at 21% of full-year numbers, we leave our forecasts unchanged as we expect stronger quarters ahead on sustained traction from its growth initiatives.

Analyst(s):
Ching Weng Jin
research@publicinvestbank.com.my