[%NArn%] 
Research by Kenanga 
UNDERPERFORM- TP RM1.41
" Accelerated Sales Reflected in Price”

ECOWLD’s 9MFY24 results met expectations. Its 9MFY24 core net profit grew 18% YoY on better property sales and the turnaround of 27%-owned EWINT (Not Rated). It has surpassed its FY24 sales target of RM3.5b, already achieved in 9MFY24, albeit with no revision to the group’s full-year expectations. We keep our forecasts and TP of RM1.41. Maintain UNDERPERFORM.

Analyst:  
Clement Chua
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$KLSE-ECOWLD 
Research by Kenanga 
UNDERPERFORM- TP RM1.41
" Accelerated Sales Reflected in Price”

ECOWLD’s 9MFY24 results met expectations. Its 9MFY24 core net profit grew 18% YoY on better property sales and the turnaround of 27%-owned EWINT (Not Rated). It has surpassed its FY24 sales target of RM3.5b, already achieved in 9MFY24, albeit with no revision to the group’s full-year expectations. We keep our forecasts and TP of RM1.41. Maintain UNDERPERFORM.

Analyst:  
Clement Chua
clement.chua@kenanga.com.my

$ECOWLD / 8206 (ECO WORLD DEVELOPMENT GROUP BERHAD)