I-berhad

$IBHD / 4251 (I-BERHAD)
Research by PublicInvest

$IBHD / 4251 (I-BERHAD)
Research by Public
Trading Buy - TP RM0.32

"Another Encouraging Quarter"

I-Berhad reported another set of encouraging results with a 2QFY24 net profit of RM5.4m (+199.7% YoY, +33.8% QoQ) contributing to a 1HFY24 net profit of RM9.5m (+281.8% YoY) which came in within our expectations at 49% of fullyear estimates. The Leisure and Hospitality segment continued to underpin revenue and profit growth, though this current quarter saw improved contributions from the property development segment, albeit still lacking meaningful new launches. The Group continues to invest into building up its Leisure-related portfolio as it strives to maintain earnings momentum from the segment, recently unveiling the country’s highest glass water slide standing at 60m tall. Scope for longer-term upside is still attractive with ~50% of its gross development value (RM5bn) has yet to be realized. We retain our Trading Buy call with an unchanged target price of RM0.32 (~50% discount to book value versus industry average of 40%).

Analyst:
Ching Weng Jin
research@publicinvestbank.com.my

Changes in Director's Interest (Section 219 of CA 2016) - TAN SRI LIM KIM HONG

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - TAN SRI LIM KIM HONG

General Meetings: Outcome of Meeting

Change in Boardroom - MR LIM BOON SOON

$IBHD / 4251 (I-BERHAD)
Research by PIB
Trading Buy – TP of MYR 0.32

“Steady Improvements ”

I-Berhad’s steady momentum from previous quarters carried through into the new financial year, with a 1QFY24 net profit of RM4.1m (+>100% YoY, +11.1% QoQ) reported. Property development contributions remain relatively weak amid the lack of meaningful new launches, though income contributions are now appearing more broad-based with steady support from the property investment and leisure segments. Broadly meeting our estimates at 21% of full-year numbers, we leave our forecasts unchanged as we expect stronger quarters ahead on sustained traction from its growth initiatives.

Analyst(s):
Ching Weng Jin
research@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONSI-BERHAD ("I-BERHAD" OR THE "COMPANY")

(I) PROPOSED ISSUANCE
(II) PROPOSED CONSTITUTION AMENDMENTS

(COLLECTIVELY, REFERRED TO AS THE PROPOSALS)

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

Annual Report & CG Report - 2023

General Meetings: Notice of Meeting

$IBHD / 4251 (I-BERHAD)

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RELATED PARTY TRANSACTIONSI-BERHAD ("I-BERHAD" OR THE "COMPANY")

(I) PROPOSED ISSUANCE
(II) PROPOSED CONSTITUTION AMENDMENTS

(COLLECTIVELY, REFERRED TO AS THE PROPOSALS)

$IBHD / 4251 (I-BERHAD)
Research by PB
Neutral - TP of RM0.26

"Encouraging Signs"

I-Berhad reported an encouraging 4QFY23 net profit of RM3.7m (-56.0% YoY, -33.4% QoQ), with the comparative numbers distorted by one-off items (ie. gains from re-measurement of liabilities, etc.) in the corresponding period. Importantly,
cumulative FY23 net profit of RM11.7m is within our estimates at 96% of full-year numbers. On a business-as-usual basis, the Group’s property investment and leisure divisions provided the biggest lift to earnings though the latter is partly seasonal. We continue to be encouraged by the Group’s steady fundamental improvements, with scope for longer-term upside still attractive as ~50% of its gross development value (RM5bn) has yet to be realized. I-Berhad’s long-term value is an attractive proposition, though we retain our Neutral call as we continue to wait on further consistency in its earnings recovery. Our target price is unchanged at RM0.26 (~60% discount to book value).

Analyst(s):
Ching Weng Jin
research@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

$IBHD / 4251 (I-BERHAD)
Research by Public
Neutral – Target Price RM0.26

“Progressing Steadily”

I-Berhad saw a notably better performance on a sequential basis with 3QFY23 net profit coming in at RM5.5m (+202.6% QoQ), though weaker compared to the similar period last year which included a one-off gain (RM15.1m) from a re measurement of liabilities. Despite the somewhat expected stronger showing, cumulative 9MFY23 net profit of RM8.0m (-56.8% YoY) is still behind projections at 50% of full-year numbers, the discrepancy due to cost assumptions. We make adjustments to FY23/FY24/FY25 net profit estimates by -25.3%/+14.5%/-17.1% respectively to account for minor tweaks to billing assumptions, but mostly for higher costs (financing, in particular). We are encouraged by the Group’s steady fundamental improvements and sales momentum, albeit with limited impact considering only one ongoing development project at this juncture. Scope for longer-term upside is still attractive nonetheless, with ~50% of its gross development value (RM5bn) yet to be realized. I-Berhad’s long-term value is an attractive proposition, though we retain our Neutral call as we look towards further consistency in its earnings recovery. Our target price is unchanged at RM0.26 (on a significant 80% discount to RNAV and ~60% discount to book value).

Analyst:
Ching Weng Jin
research@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

$IBHD / 4251 (I-BERHAD)
Research by PB
Neutral – Target Price RM0.26

“Steady Performance"

I-Berhad reported a sequentially better net profit of RM1.8m (+19.8% YoY, +170.1% QoQ) for 2QFY23, lifted by improved contributions from the property investment segment. Cumulative 1HFY23 net profit of RM2.5m (-14.1% YoY) remains underwhelming and missing projections at only 16% of full-year numbers, though we continue to leave forecasts unchanged for now on the expectation of stronger recognitions from both its development and investment segments in the quarters ahead. Sales momentum remains encouraging, albeit limited with only one ongoing project at this juncture. Scope for longer-term upside is still attractive nonetheless, with ~50% of its gross development value yet to be realized, timing notwithstanding. I-Berhad’s long-term value is an attractive proposition, though we retain our Neutral call as we look towards further earnings recovery, and consistency. Our target price is unchanged at RM0.26 (based on a significant 80% discount to RNAV and ~60% discount to book value).


Analyst:
Ching Weng Jin
research@publicinvestbank.com.my

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

IBHD - Notice of Book Closure

Final Dividend

Change in Boardroom - MR PREM KUMAR A/L SUBRAMANIAM

Change in Nomination Committee - MADAM GOH YEANG KHENG

Change in Risk Committee - MR PREM KUMAR A/L SUBRAMANIAM

Change in Risk Committee - MR GAN KIM KHOON

Change in Remuneration Committee - DATO' EU HONG CHEW