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Research by CGS
Reduce - TP RM0.75

"2Q24 dragged down by lower new sales"

■ 1H24 core net profit of RM23.9m missed expectations, at only 27% of our and 24% of Bloomberg consensus full-year forecasts.
■ The group recorded property sales of RM502.4m in 1H24, and is on course to meet its RM1.0bn sales target for FY24.
■ Reiterate Reduce, with an unchanged TP of RM0.75 based on 0.55x FY24F P/BV.

Analyst:
Lucas TAN
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CHONG Tjen-San, CFA
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$KLSE-UEMS
Research by CGS
Reduce - TP RM0.75

"2Q24 dragged down by lower new sales"

■ 1H24 core net profit of RM23.9m missed expectations, at only 27% of our and 24% of Bloomberg consensus full-year forecasts.
■ The group recorded property sales of RM502.4m in 1H24, and is on course to meet its RM1.0bn sales target for FY24.
■ Reiterate Reduce, with an unchanged TP of RM0.75 based on 0.55x FY24F P/BV.

Analyst:
Lucas TAN
lucas.tan@cgsi.com
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com