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Maybank IB Research raises Eco World Devt target price



KUALA LUMPUR: Maybank Investment Bank Research has raised its target price for Eco World Development (ECW) from 78 sen to 93 sen after its strong locked-in property sales and an expected recovery in sales after the lockdown is lifted.

It said on Monday ECW’s 3QFY10/21 net profit of RM35mil (-65% YoY, -17% QoQ) was below its expectation but in line with consensus.

Sales wise, ECW’s 10MFY21 locked-in property sales of RM3.1bil were 9% above its FY21 sales goal.

Elsewhere, its net gearing continued to improve to 0.51x in end-3Q21 (from 0.55 times in end 2Q21).

“We adjust our earnings forecasts by -9% to +24% to factor in NRP 1 and a higher sales assumption of RM3.5bil for FY21. Our TP is raised to 93 sen (+15sen) on 0.55x FY22 price-to-bo

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