[%fLEv%]
Research by Kenanga
Underperform – TP RM1.41

“Robust Sales but Priced In"

ECOWLD’s 1HFY24 results met expectations. Its 1HFY24 core net profit grew 17% YoY on better property sales and the turnaround of 27%-owned EWINT (Not Rated). It is on track to meet its FY24 sales target of RM3.5b with RM2.2b achieved in 1HFY24. We keep our forecasts but raise our TP by 3% to RM1.41 (from RM1.37). Maintain UNDERPERFORM.

Analyst:
Clement Chua 
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$KLSE-ECOWLD
Research by Kenanga
Underperform – TP RM1.41

“Robust Sales but Priced In"

ECOWLD’s 1HFY24 results met expectations. Its 1HFY24 core net profit grew 17% YoY on better property sales and the turnaround of 27%-owned EWINT (Not Rated). It is on track to meet its FY24 sales target of RM3.5b with RM2.2b achieved in 1HFY24. We keep our forecasts but raise our TP by 3% to RM1.41 (from RM1.37). Maintain UNDERPERFORM.

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

$ECOWLD / 8206 (ECO WORLD DEVELOPMENT GROUP BERHAD)