[%IYzg%]
Research by MIDF
Neutral – TP RM0.43

“Tepid Outlook"

Maintain NEUTRAL with an unchanged TP of RM0.43. Post meeting, we make no changes to our earnings forecast for FY25F/26F/27F. We maintain our TP for Glomac at RM0.43, based on 80% discount to RNAV. Earnings outlook for Glomac is expected to be dragged slightly by the weaker margin. Nevertheless, new sales prospect for Glomac in FY25 is expected to be stable and better on the back of planned launch with GDV of RM425m for FY25. New sales momentum should continue to sustain by launch of its landed properties in Puchong, Suajana Utama and Saujana KLIA. Hence, we maintain our NEUTRAL call on Glomac.

Analyst:
Jessica Low Jze Tieng
[%UUMi%]

$KLSE-GLOMAC
Research by MIDF
Neutral – TP RM0.43

“Tepid Outlook"

Maintain NEUTRAL with an unchanged TP of RM0.43. Post meeting, we make no changes to our earnings forecast for FY25F/26F/27F. We maintain our TP for Glomac at RM0.43, based on 80% discount to RNAV. Earnings outlook for Glomac is expected to be dragged slightly by the weaker margin. Nevertheless, new sales prospect for Glomac in FY25 is expected to be stable and better on the back of planned launch with GDV of RM425m for FY25. New sales momentum should continue to sustain by launch of its landed properties in Puchong, Suajana Utama and Saujana KLIA. Hence, we maintain our NEUTRAL call on Glomac.

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