[%QsMO%]
Research by Kenanga
Underperform - TP RM1.79

"Held Up by Strong Rental Incomes"

UOADEV’s 1QFY24 results met expectations. Its 1QFY24 core net profit rose 8% as stronger rental incomes and hospitality profits
more offset lower property development profits. We maintain our forecasts and TP of RM1.79 but downgrade our call to UNDERPERFORM from MARKET PERFORM after the run-up in its share price.

Analyst:
Clement Chua 
[%vyXE%]

$KLSE-UOADEV
Research by Kenanga
Underperform - TP RM1.79

"Held Up by Strong Rental Incomes"

UOADEV’s 1QFY24 results met expectations. Its 1QFY24 core net profit rose 8% as stronger rental incomes and hospitality profits
more offset lower property development profits. We maintain our forecasts and TP of RM1.79 but downgrade our call to UNDERPERFORM from MARKET PERFORM after the run-up in its share price.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my