[%GbST%]
Research by Kenanga
Market Perform - TP RM0.45

"Property Sales Surge"

STAR’s 1HFY24 results came above expectations as progress billings from the Star Business Hub (SBH) project soared. The stronger sales translated to a nearly 4-fold increase in 1HFY24 earnings, driven by the property segment as it turned around from a pretax loss. We now forecast higher FY24F-25F earnings, raise our TP by 44% to RM0.45 (from RM0.31) and upgrade our call to MARKET PERFORM from UNDERPERFORM.

Analyst:
Kylie Chan Sze Zan 
[%LiWM%]

$KLSE-STAR
Research by Kenanga
Market Perform - TP RM0.45

"Property Sales Surge"

STAR’s 1HFY24 results came above expectations as progress billings from the Star Business Hub (SBH) project soared. The stronger sales translated to a nearly 4-fold increase in 1HFY24 earnings, driven by the property segment as it turned around from a pretax loss. We now forecast higher FY24F-25F earnings, raise our TP by 44% to RM0.45 (from RM0.31) and upgrade our call to MARKET PERFORM from UNDERPERFORM.

Analyst:
Kylie Chan Sze Zan 
kyliechan@kenanga.com.my