Despite the downgrade, Kenanga Research maintains EcoWorld’s forecasts and target price (TP) of RM1.03.
EcoWorld’s strong branding, responsiveness to market conditions, and timely presence in Johor’s industrial property scene are favourable factors for the developer, says Kenanga Research.
Kenanga said despite being on track to meet its sales target for FY2023, EcoWorld will remain cautious about its future launches and intends to prioritise sustainable profits over aggressive top-line expansion. Likewise, Maybank Investment Bank also downgraded its recommendation for EcoWorld to a “hold” rating based on the expectation of a total return of less than 10%.
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