[%tVci%] 
Research by RHB
Neutral - TP RM2.02

"Bamboo Hills To Drive 2H24 Property Sales"

Maintain NEUTRAL and TP of MYR2.02, 8% upside with c.5% FY24F yield. UOA Development’s 2Q24 results are below estimates. 1Q24 property sales only reached MYR121m, but we expect this performance to pick up strongly in 2H, given the overwhelming response to Bamboo Hills Residences. Both Bamboo Hills and Laurel Residence are also expected to drive earnings in 2H. We make no changes to our earnings forecasts.

Analyst:
Loong Kok Wen, CFA
[%ZQDA%]

$KLSE-UOADEV 
Research by RHB
Neutral - TP RM2.02

"Bamboo Hills To Drive 2H24 Property Sales"

Maintain NEUTRAL and TP of MYR2.02, 8% upside with c.5% FY24F yield. UOA Development’s 2Q24 results are below estimates. 1Q24 property sales only reached MYR121m, but we expect this performance to pick up strongly in 2H, given the overwhelming response to Bamboo Hills Residences. Both Bamboo Hills and Laurel Residence are also expected to drive earnings in 2H. We make no changes to our earnings forecasts.

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