[%XIuz%] 
Research by CGS
ADD – TP RM1.91

" 9MFY24 results within expectations”

■ 9MFY10/24 core net profit of RM231.9m came in within our expectations at 78% of our FY24 estimate but beat Bloomberg consensus’ (at 82%).
■ We believe the group is on track to surpass its FY24 sales target of RM3.5bn as it has recorded exactly RM3.5bn in new sales in 10MFY24.
■ Reiterate Add with an unchanged RNAV-based TP of RM1.91 which implies 1.1x 2025F P/BV (+2.0 s.d. from its 10-year mean of 0.61x).

Analyst:  
Lucas TAN
 [%Pkjl%]
CHONG Tjen-San, CFA
 [%RhoD%]

$KLSE-ECOWLD 
Research by CGS
ADD – TP RM1.91

" 9MFY24 results within expectations”

■ 9MFY10/24 core net profit of RM231.9m came in within our expectations at 78% of our FY24 estimate but beat Bloomberg consensus’ (at 82%).
■ We believe the group is on track to surpass its FY24 sales target of RM3.5bn as it has recorded exactly RM3.5bn in new sales in 10MFY24.
■ Reiterate Add with an unchanged RNAV-based TP of RM1.91 which implies 1.1x 2025F P/BV (+2.0 s.d. from its 10-year mean of 0.61x).

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

$ECOWLD / 8206 (ECO WORLD DEVELOPMENT GROUP BERHAD)