[%gACw%]
Research by HLIB
HOLD– TP RM7.50

"Results inline”

KLCC’s 2Q24 core net profit of RM191.1m (+1.6% QoQ; +5.7% YoY) brought 1H24 sum to RM379.1m (+4.9% YoY). The results were within ours and consensus estimates. Results were rather commendable despite 2Q typically being a slower quarter, as Retail and Hotel remained strong. Looking ahead, 2H24 earnings will be underpinned by (i) stable contributions from Office and Management Services; (ii) sustained Retail contribution from higher local and tourist footfall; and (iii) robust Hotel performance as tourist arrivals continue to improve. Maintain HOLD with an unchanged TP of RM7.50 

 Analyst:
Tan Je Jyne
[%VIzh%]

$KLSE-KLCC
Research by HLIB
HOLD– TP RM7.50

"Results inline”

KLCC’s 2Q24 core net profit of RM191.1m (+1.6% QoQ; +5.7% YoY) brought 1H24 sum to RM379.1m (+4.9% YoY). The results were within ours and consensus estimates. Results were rather commendable despite 2Q typically being a slower quarter, as Retail and Hotel remained strong. Looking ahead, 2H24 earnings will be underpinned by (i) stable contributions from Office and Management Services; (ii) sustained Retail contribution from higher local and tourist footfall; and (iii) robust Hotel performance as tourist arrivals continue to improve. Maintain HOLD with an unchanged TP of RM7.50 

 Analyst:
Tan Je Jyne
jjtan@hlib.hongleong.com.my

$KLCC / 5235SS (KLCC PROPERTY HOLDINGS BERHAD)