[%ABhL%] 
Research by RHB
Buy - TP RM1.20

"Charts Strong Sales Growth; U/G To BUY"

Upgrade to BUY from Neutral, unchanged TP of MYR1.20 offers 23% upside with c.5% FY25F yield. Tambun Indah’s 2Q24 results outperformed our estimate – due to its higher-than-expected property sales – but are in line with the consensus forecast. It also booked solid new property sales of MYR133m for 1H24, which indicates that it will be ahead of management’s guidance of MYR150m in property sales for the full year. Our recommendation upgrade is premised on its strong sales growth momentum, as well as the line-up of new projects to be launched in FY25.

Analysts:
Wan Muhammad Ammar Affan
[%xWxL%]
Loong Kok Wen, CFA
[%SOcN%]

$KLSE-TAMBUN 
Research by RHB
Buy - TP RM1.20

"Charts Strong Sales Growth; U/G To BUY"

Upgrade to BUY from Neutral, unchanged TP of MYR1.20 offers 23% upside with c.5% FY25F yield. Tambun Indah’s 2Q24 results outperformed our estimate – due to its higher-than-expected property sales – but are in line with the consensus forecast. It also booked solid new property sales of MYR133m for 1H24, which indicates that it will be ahead of management’s guidance of MYR150m in property sales for the full year. Our recommendation upgrade is premised on its strong sales growth momentum, as well as the line-up of new projects to be launched in FY25.

Analysts:
Wan Muhammad Ammar Affan
ammaraffan@rhbgroup.com
Loong Kok Wen, CFA
loong.kok.wen@rhbgroup.com

$TAMBUN / 5191 (TAMBUN INDAH LAND BERHAD)