$ECOWLD / 8206 (ECO WORLD DEVELOPMENT GROUP BERHAD)
Research by Maybank
Buy – TP RM1.96

“All good"

ECW’s 2QFY24 core net profit of MYR72m (+16% YoY, +5% QoQ) and 7MFY24 locked-in property sales of MYR2.2b were in line. We revise our FY24-26E earnings forecasts by -1.6% to +31.4% after factoring in new FY24E sales assumption of MYR3.9b (+4%), Microsoft land sale, and a higher stake in ECWI. We also raise DPS to 7sen (from 6sen). Our new TP is MYR1.96 (+13sen) on an unchanged rolled forward 1.1x FY25E P/B. BUY.

Analyst:
Wong Wei Sum, CFA
weisum@maybank-ib.com