[%oIFf%] 
Research by TA
Buy – TP of MYR 0.63

“Better Days Ahead” 

Excluding the fair value gain of RM17mn for the GLO Damansara retail mall, Glomac’s FY24 core net profit of RM6.6mn fell short of expectations, representing only 51% and 47% of ours and the consensus full-year forecasts, respectively. This underperformance was primarily attributed to lower-than-anticipated development margins and higherthan-expected finance costs. Note that our revenue forecast for the same period was nearly spot on.

Analyst(s):
Thiam Chiann Wen
[%sPOm%]

$KLSE-GLOMAC 
Research by TA
Buy – TP of MYR 0.63

“Better Days Ahead” 

Excluding the fair value gain of RM17mn for the GLO Damansara retail mall, Glomac’s FY24 core net profit of RM6.6mn fell short of expectations, representing only 51% and 47% of ours and the consensus full-year forecasts, respectively. This underperformance was primarily attributed to lower-than-anticipated development margins and higherthan-expected finance costs. Note that our revenue forecast for the same period was nearly spot on.

Analyst(s):
Thiam Chiann Wen
cwthiam@ta.com.my