[%NcfB%] 
Research by Maybank
HOLD – TP RM 0.27

"Losses deepen”

3QFY24 core net loss of MYR16.3m (vs. MYR25.6m core net loss in 3QFY23, MYR4.9m core net loss in 2QFY24) was higher than expected while 10MFY24 property sales and reserved sales of MYR549m fell short. We raise our FY24/25/26E loss projection by 7%-145%. Our TP is trimmed to MYR0.27 (-1sen) on unchanged 0.6x FY25E P/B. ECWI will be in losses until it launches new projects. HOLD for upcoming sizeable distribution.

Analyst:  
Wong Wei Sum, CFA
[%VkPd%]

$KLSE-EWINT 
Research by Maybank
HOLD – TP RM 0.27

"Losses deepen”

3QFY24 core net loss of MYR16.3m (vs. MYR25.6m core net loss in 3QFY23, MYR4.9m core net loss in 2QFY24) was higher than expected while 10MFY24 property sales and reserved sales of MYR549m fell short. We raise our FY24/25/26E loss projection by 7%-145%. Our TP is trimmed to MYR0.27 (-1sen) on unchanged 0.6x FY25E P/B. ECWI will be in losses until it launches new projects. HOLD for upcoming sizeable distribution.

Analyst:  
Wong Wei Sum, CFA
weisum@maybank-ib.com

$EWINT / 5283 (ECO WORLD INTERNATIONAL BERHAD)