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Research by HLIB
Buy - TP RM3.60

"A new chapter of growth"

IOI Central Boulevard began operations after receiving its temporary occupa tion permit for Phase 1 in Apr, with Phase 3 expected in Sep. Initial revenue is anticipated from 4QFY24, and interest costs are likely to be expensed post-Phase 3. With SGD3bn in floating-rate debt for IOICB, it should benefit from expected Fed rate cuts. Marina View Residences with a GDV of SGD3.5bn will launch soon, with groundwork construction already underway. The rejuvenation of Singapore CBD should benefit IOIPG’s key developments along Shenton Way. Maintain our conviction BUY call with a higher TP of RM3.60 (from RM3.30) based on 40% discount to our estimated RNAV of RM6.00.

Analyst:
Tan Kai Shuen, CFA
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$KLSE-IOIPG 
Research by HLIB
Buy - TP RM3.60

"A new chapter of growth"

IOI Central Boulevard began operations after receiving its temporary occupa tion permit for Phase 1 in Apr, with Phase 3 expected in Sep. Initial revenue is anticipated from 4QFY24, and interest costs are likely to be expensed post-Phase 3. With SGD3bn in floating-rate debt for IOICB, it should benefit from expected Fed rate cuts. Marina View Residences with a GDV of SGD3.5bn will launch soon, with groundwork construction already underway. The rejuvenation of Singapore CBD should benefit IOIPG’s key developments along Shenton Way. Maintain our conviction BUY call with a higher TP of RM3.60 (from RM3.30) based on 40% discount to our estimated RNAV of RM6.00.

Analyst:
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my

$IOIPG / 5249 (IOI PROPERTIES GROUP BERHAD)