Sime Darby Property (SDPR) delivered a 2QFY23 net profit of RM71.1m (- 32.3% YoY, +17.1% QoQ), which contributed to a cumulative 1HFY23 Group net profit of RM131.7m (-16.0% YoY) and constituting about 38% and 43% of our and consensus full year estimates. We deem the results as in line as we expect subsequent quarters to be stronger. Our earnings estimates are kept unchanged for now. In 1HFY23, the Group launched projects valued at RM2.1bn (or already at 70% of full year RM3bn launch target) with average take-up rate at 82%. Group pre-sales recorded totaled RM1.5bn, which is already at 65% of its RM2.3bn sales target for FY23. As such, SDPR revised its sales target of RM2.3bn to RM2.7bn and the GDV launch target from RM3bn to RM4bn. As for valuations, we maintain our Outperform call though we narrow the discount from c.50% to 45%, resulting in a higher TP of RM0.80 (from RM0.70 previously) given its attractive fundamentals.
Source: PublicInvest Research - 29 Aug 2023
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