Sime Darby Property’s (SDPR) 3QFY23 net profit came in stronger at RM144.9m (+158.2% YoY, +RM236.5%), mainly driven by gains from land sale, higher sales in residential landed and industrial products while billings also picked up speed in the Group’s major townships. In 9MFY23, Group net profit of RM276.7m (+30.1% YoY) constituted about 80% and 90% of our and consensus full year estimates. The Group also has achieved RM2.5bn sales YTD and is on track to surpass its FY23 sales target of RM2.7bn (with bookings totaling RM2.2bn as at Nov 2023). Launches in 4Q are estimated to be worth c.RM791.2m in GDV. All told, we adjust our FY23/FY24/FY25 upwards by +6%/+3%/+2% after imputing better sales performance. Unbilled sales still remain healthy at RM3.745bn, providing earnings visibility for the next 1-2 years. As for valuations, we maintain our Outperform call and TP of RM0.80 (pegged at c.45% discount to book value) given its attractive fundamentals.
Source: PublicInvest Research - 27 Nov 2023
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