[%lMER%] 
Research by Kenanga
Market Perform - TP RM1.79

"Driven by Rental Incomes"

UOADEV’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose 8% as stronger rental incomes and hospitality profits more than offset lower property development profits. We maintain our forecasts and TP of RM1.79 and upgrade our call to MARKET PERFORM (from UNDERPERFORM) thanks to recent share price correction that has factored in some softness in property sales.

Analyst:
Clement Chua 
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$KLSE-UOADEV 
Research by Kenanga
Market Perform - TP RM1.79

"Driven by Rental Incomes"

UOADEV’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose 8% as stronger rental incomes and hospitality profits more than offset lower property development profits. We maintain our forecasts and TP of RM1.79 and upgrade our call to MARKET PERFORM (from UNDERPERFORM) thanks to recent share price correction that has factored in some softness in property sales.

Analyst:
Clement Chua 
clement.chua@kenanga.com.my