$GENP / 2291 (GENTING PLANTATIONS BERHAD)
Research by Maybank
Hold - TP RM6.21

“Buying land in Greater Jakarta for property development”

Following its maiden JV commercial property project with the ongoing construction of a Jakarta Premium Outlet (to be ready by end-2024) in Jakarta, GENP is now moving into a mixed property development project in Greater Jakarta. We are neutral on this MYR593m deal to buy 152ha of mixed development land plot amid lack of details on its development plans. Maintain HOLD and TP of MYR6.21 based on 19x FY24E PER, its -1SD of 8-yr mean. We prefer SDG MK (BUY, CP: MYR4.50, TP: MYR4.96).

Analyst:
Ong Chee Ting, CA
ct.ong@maybank-ib.com