[%Lscq%] 
Research by MIDF
Neutral - TP RM1.79

"New Industrial Revenue Pillar"

Maintain NEUTRAL with a revised TP of RM1.79. We revise our TP for Eco World to RM1.79 from RM1.63 as we narrowed our RNAV discount to 23% from 30% in view of better earnings visibility for its industrial property division. Nevertheless, we think that positives are largely priced in. Valuation of Eco World is fair at this level, trading above its latest NTA of RM1.65 per share. Hence, we maintain our NEUTRAL call on Eco World.

Analyst:
Jessica Low Jze Tieng
[%tEJK%]

$KLSE-ECOWLD 
Research by MIDF
Neutral - TP RM1.79

"New Industrial Revenue Pillar"

Maintain NEUTRAL with a revised TP of RM1.79. We revise our TP for Eco World to RM1.79 from RM1.63 as we narrowed our RNAV discount to 23% from 30% in view of better earnings visibility for its industrial property division. Nevertheless, we think that positives are largely priced in. Valuation of Eco World is fair at this level, trading above its latest NTA of RM1.65 per share. Hence, we maintain our NEUTRAL call on Eco World.

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

$ECOWLD / 8206 (ECO WORLD DEVELOPMENT GROUP BERHAD)