[%isNI%]
Research by RHB
Buy - TP RM1.60

"Ramping Up New Launches In 2H24; Maintain BUY"

MaintainBUYandMYR1.60TP,61%upside.UEMSunrise’s2Q24earnings missed expectations. We expect earnings to come in stronger in 2H as the company ramps up launches, and more non-core land and asset sales may be recognised in 2H24. 1H24 property sales reached MYR502m, on track to meet full-year target of MYR1bn. We continue to like UEMS for its strategic landbank in Iskandar Malaysia, which may significantly capture the opportunities that the Johor-Singapore Special Economic Zone may bring about.

Analyst:
Loong Kok Wen CFA 
[%NhUE%]

$KLSE-UEMS
Research by RHB
Buy - TP RM1.60

"Ramping Up New Launches In 2H24; Maintain BUY"

MaintainBUYandMYR1.60TP,61%upside.UEMSunrise’s2Q24earnings missed expectations. We expect earnings to come in stronger in 2H as the company ramps up launches, and more non-core land and asset sales may be recognised in 2H24. 1H24 property sales reached MYR502m, on track to meet full-year target of MYR1bn. We continue to like UEMS for its strategic landbank in Iskandar Malaysia, which may significantly capture the opportunities that the Johor-Singapore Special Economic Zone may bring about.

Analyst:
Loong Kok Wen CFA 
loong.kok.wen@rhbgroup.com