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Research by CGS
REDUCE – TP RM1.68

"Bamboo Hill Residences to spur sales”

■ 1H24 core net profit of RM111.6m was in line with expectations at 48-49% of our FY24F forecast and Bloomberg consensus estimate.
■ Despite yoy lower total new sales of RM263.3m in 1H24, we expect sales growth from 2H24F to be supported by the launch of Bamboo Hills Residences.
■ We reiterate Reduce and TP of RM1.68, still based on 0.7x FY24F P/BV, given the limited earnings growth prospects and elevated valuations. 

Analyst:
Lucas TAN
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CHONG Tjen-San, CFA
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$KLSE-UOADEV
Research by CGS
REDUCE – TP RM1.68

"Bamboo Hill Residences to spur sales”

■ 1H24 core net profit of RM111.6m was in line with expectations at 48-49% of our FY24F forecast and Bloomberg consensus estimate.
■ Despite yoy lower total new sales of RM263.3m in 1H24, we expect sales growth from 2H24F to be supported by the launch of Bamboo Hills Residences.
■ We reiterate Reduce and TP of RM1.68, still based on 0.7x FY24F P/BV, given the limited earnings growth prospects and elevated valuations. 

Analyst:
Lucas TAN
lucas.tan@cgsi.com
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com