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Research by RHB
Neutral - TP RM0.72

"Slower Pace Of Property Sales"

Maintain NEUTRAL, new MYR0.72 TP from MYR0.93, 7% upside. LBS Bina’s 2Q24 results met expectations, with improved revenue following an increase in on-site development activities. We are cautious on the group missing its MYR1.8bn sales target as 1H24 sales only reached MYR559m. We raise our discount to RNAV to 65% from 55% as we highlight the potential cancellation of the Johor LRT project, given the lack of progress.

Analysts:
Wan Muhammad Ammar Affan 
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Loong Kok Wen CFA 
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$KLSE-LBS
Research by RHB
Neutral - TP RM0.72

"Slower Pace Of Property Sales"

Maintain NEUTRAL, new MYR0.72 TP from MYR0.93, 7% upside. LBS Bina’s 2Q24 results met expectations, with improved revenue following an increase in on-site development activities. We are cautious on the group missing its MYR1.8bn sales target as 1H24 sales only reached MYR559m. We raise our discount to RNAV to 65% from 55% as we highlight the potential cancellation of the Johor LRT project, given the lack of progress.

Analysts:
Wan Muhammad Ammar Affan 
ammaraffan@rhbgroup.com
Loong Kok Wen CFA 
loong.kok.wen@rhbgroup.com