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Research by HLIB
Buy - TP RM2.47

"Results chalking inline"

OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY). The results were within our expectation, making up 50% of full-year forecast. Property sales were slower in 1H24, but is expected to pick up in 2H24 following several big launches in Jun/Jul. Capital financing remains strong, driven by growth in civil servant and Australia segments. The group remains on track to record solid growth for FY24 as we anticipate a stronger 2H24. Maintain forecasts and BUY call with a higher TP of RM2.47 (from RM2.37) based on 25% discount to our SOP-derived value of RM3.30 as we impute higher fair value from RHB.

Analyst:
Tan Kai Shuen, CFA
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$KLSE-OSK
Research by HLIB
Buy - TP RM2.47

"Results chalking inline"

OSK reported 2Q24 core PATAMI of RM128.7m (+4.8% QoQ; -1.6% YoY), which brought 1H24’s sum to RM251.5m (+2.1% YoY). The results were within our expectation, making up 50% of full-year forecast. Property sales were slower in 1H24, but is expected to pick up in 2H24 following several big launches in Jun/Jul. Capital financing remains strong, driven by growth in civil servant and Australia segments. The group remains on track to record solid growth for FY24 as we anticipate a stronger 2H24. Maintain forecasts and BUY call with a higher TP of RM2.47 (from RM2.37) based on 25% discount to our SOP-derived value of RM3.30 as we impute higher fair value from RHB.

Analyst:
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my