Eco World Intl

[winston]

not vested

Turned into losses
Core net loss and sales in line

2QFY24 core net loss of MYR5m (vs. MYR33m core net loss/MYR2m core net profit in QFY23/1QFY24) and 7MFY24 property sales and reserved sales of MYR518m were in line.

ECWI remains committed to paying MYR504m (21sen/shr) as dividend between FY24 and FY25.

We maintain our FY24/25/26E loss projections but trim our TP to MYR0.28 (-1sen) on an unchanged rolled forward 0.6x FY25E P/B.

ECWI will be in losses until it launches new projects.

HOLD for the upcoming sizeable distribution.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/388015.pdf