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TILB’s 3Q21 net profit of MYR7.9m (-24% YoY, -48% QoQ) was in line with our expectation but above consensus. 9MFY21 locked-in property sales of MYR147.4m (+45% YoY) were above our expectations. Management has set a higher sales target of MYR180m for FY21 (+7% YoY). We raise our earnings forecasts by +1-4% to factor in higher sales target for FY21 (+7%) and TP to MYR0.81 (+9sen; on a higher 0.5x FY22 PBV). TILB is a close proxy to the booming industrial activities at Batu Kawan. U/G to HOLD.

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