[%zkFv%] 
Research by Public
Trading Buy - TP RM0.32

"Another Encouraging Quarter"

I-Berhad reported another set of encouraging results with a 2QFY24 net profit of RM5.4m (+199.7% YoY, +33.8% QoQ) contributing to a 1HFY24 net profit of RM9.5m (+281.8% YoY) which came in within our expectations at 49% of fullyear estimates. The Leisure and Hospitality segment continued to underpin revenue and profit growth, though this current quarter saw improved contributions from the property development segment, albeit still lacking meaningful new launches. The Group continues to invest into building up its Leisure-related portfolio as it strives to maintain earnings momentum from the segment, recently unveiling the country’s highest glass water slide standing at 60m tall. Scope for longer-term upside is still attractive with ~50% of its gross development value (RM5bn) has yet to be realized. We retain our Trading Buy call with an unchanged target price of RM0.32 (~50% discount to book value versus industry average of 40%).

Analyst:
Ching Weng Jin
[%qdEO%]

$KLSE-IBHD 
Research by Public
Trading Buy - TP RM0.32

"Another Encouraging Quarter"

I-Berhad reported another set of encouraging results with a 2QFY24 net profit of RM5.4m (+199.7% YoY, +33.8% QoQ) contributing to a 1HFY24 net profit of RM9.5m (+281.8% YoY) which came in within our expectations at 49% of fullyear estimates. The Leisure and Hospitality segment continued to underpin revenue and profit growth, though this current quarter saw improved contributions from the property development segment, albeit still lacking meaningful new launches. The Group continues to invest into building up its Leisure-related portfolio as it strives to maintain earnings momentum from the segment, recently unveiling the country’s highest glass water slide standing at 60m tall. Scope for longer-term upside is still attractive with ~50% of its gross development value (RM5bn) has yet to be realized. We retain our Trading Buy call with an unchanged target price of RM0.32 (~50% discount to book value versus industry average of 40%).

Analyst:
Ching Weng Jin
research@publicinvestbank.com.my