[%vwDN%] 
Research by MIDF
Neutral – TP of MYR 0.43

“Ended FY24 on A Weaker Note” 

FY24 earnings below expectations. Glomac Berhad (Glomac) FY24 core net income of RM6.6m came below expectations, making up 43% and 47% of our consensus forecast. Note that we have excluded the fair value gain of RM17m for Glo Damansara Mall in our core net income calculations. The negative deviation was due to the weaker than expected progress billing in 4QFY24. Glomac proposed a dividend of 1.25sen per share for FY24 which translates into a dividend yield of 2.8%

Analyst(s):
Jessica Low Jze Tieng
[%jtgY%]

$KLSE-GLOMAC 
Research by MIDF
Neutral – TP of MYR 0.43

“Ended FY24 on A Weaker Note” 

FY24 earnings below expectations. Glomac Berhad (Glomac) FY24 core net income of RM6.6m came below expectations, making up 43% and 47% of our consensus forecast. Note that we have excluded the fair value gain of RM17m for Glo Damansara Mall in our core net income calculations. The negative deviation was due to the weaker than expected progress billing in 4QFY24. Glomac proposed a dividend of 1.25sen per share for FY24 which translates into a dividend yield of 2.8%

Analyst(s):
Jessica Low Jze Tieng
jessica.low@midf.com.my