[%BnlZ%] 
Research by RHB
Buy - TP RM2.57

"Earnings On An Upward Trajectory; Stay BUY"

Keep BUY, new MYR2.57 TP from MYR2.45, 36% upside. Kerjaya Prospek’s 1H24 core profit of MYR75m (+22% YoY) makes up 46% and 43% of our and Street full-year projections. We deem results as in line, as more contributions will come from its ongoing projects in the coming quarters, in addition to stronger property development contributions. We forecast a 3-year (FY23-26) earnings CAGR of 14%, backed by steady job flows from Penang and the Klang Valley. KPG’s FY24F dividend yield is also at an attractive c.5% (higher than that of most peers).

Analyst:
Adam Bin Mohamed Rahim
[%Nghl%]

$KLSE-KERJAYA 
Research by RHB
Buy - TP RM2.57

"Earnings On An Upward Trajectory; Stay BUY"

Keep BUY, new MYR2.57 TP from MYR2.45, 36% upside. Kerjaya Prospek’s 1H24 core profit of MYR75m (+22% YoY) makes up 46% and 43% of our and Street full-year projections. We deem results as in line, as more contributions will come from its ongoing projects in the coming quarters, in addition to stronger property development contributions. We forecast a 3-year (FY23-26) earnings CAGR of 14%, backed by steady job flows from Penang and the Klang Valley. KPG’s FY24F dividend yield is also at an attractive c.5% (higher than that of most peers).

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

$KERJAYA / 7161 (KERJAYA PROSPEK GROUP BERHAD)