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. 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. We remain conservative on our developmentrelated earnings assumptions. We raise our call to Trading Buy nonetheless, on increased confidence in the consistency of the Group’s earnings recovery. Our target price is raised to RM0.32 (~50% discount to book value v.s. industry average of 40%).
Source: PublicInvest Research - 4 Jun 2024
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IBHDCreated by PublicInvest | Nov 12, 2024