Lagenda Properties Berhad
Tue, 21-Nov-2023 08:38 am
by Kenneth Leong • Apex Research

Counter

LAGENDA (7179)

Target Price (RM)

1.43

Recommendation

Buy

  • 9MFY23 core net profit RM111.3m came below our expectations, making up to 61.8% of core net profit at RM180.1m, owing to slower construction progress.
  • Expect pickup in coming quarters ahead, as the group has successfully transitioned to Industrialised Building Systems (IBS) for certain projects.
  • Re-iterate BUY recommendation on LAGENDA, but at lower target price of RM1.43, based on 20% discount to RNAV.
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.436869 4.470612
EUR 4.675505 4.679374
CNY 0.611103 0.611560
HKD 0.570272 0.574102
SGD 3.296965 3.319254