IOI Properties

[winston]

not vested

IOIProp’s performance set to improve in coming quarters

The results shortfall was due to weaker-than-expected property sales and lower-than-expected contribution from joint ventures (JV) and associates.

IOI Prop’s business prospects in Malaysia, Singapore and China are currently seeing a rejuvenation and the group will see significant value from its assets in Singapore, IOICB and Marina View Residences.

Source: the Star

https://www.thestar.com.my/business/bus ... g-quarters

[winston]

not vested

Still Scope For Further Re-rating

Tepid take-up of W Residences at Marina View should gradually improve on:
a) potential re-strategising of products,
b) the narrowing price gap with prices of nearby launches, and
c) revision of ABSD for foreign buyers, if any.

Nevertheless, IOICB’s maiden earnings contribution in 2QFY26 should offset the carrying cost of W Residences Marina View’s launches in Oct 25, supported by a falling SORA.

Maintain BUY with higher target price of RM3.50 as we narrow our discount to RNAV to 30%, to reflect the potential valuation uplift from the REIT listing, with peers are trading at 1.5x FY26F P/B (vs the group’s current 0.7x).

Source: UOBKH

https://research.uobkayhian.com/content ... e=hs_email