SkyWorld Development Berhad
Thu, 23-Nov-2023 08:36 am
by Kenneth Leong • Apex Research

Counter

SKYWLD (5315)

Target Price (RM)

1.07

Recommendation

Buy

  • 2QFY24 core net profit fell 54.5% qoq to RM19.1m, dragged down by lower recognition from SkySierra Residences (The Valley) project that was completed in preceding quarter.
  • Unbilled sales stood at RM713.6m (down from RM951.9m in 1QFY24) implies 0.9x of trailing-12-months revenue will sustain revenue visibility over the next 12 months.
  • Re-iterate our BUY recommendation on SKYWLD with an unchanged target price of RM1.07, based discount rate of 25% to our RNAV.
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Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.226942 4.260444
EUR 4.723982 4.728876
CNY 0.598324 0.598990
HKD 0.542537 0.546362
SGD 3.269503 3.292710