EcoWorld International core net loss to narrow in 4QFY22F, says CGS-CIMB

• “We expect core net loss to narrow in 4QFY22F, supported by the handover of units in EcoWorld-London projects.”

KUALA LUMPUR (Sept 15): CGS-CIMB Research has maintained its “Hold’ rating on Eco World International Bhd (EWI) at 32 sen with a lower target price (TP) of 35 sen (from 38 sen) and said the company’s 9MFY10/22 results were worse than expectations due to additional costs recognised for built-to-rent (BTR) projects.

In a note on Wednesday (Sept 14), the research house said EWI’s 10MFY22 new property sales came in higher y-o-y at RM1.7 billion, accounting for 85% of its FY22F new property sales target of RM2 billion.

“We expect core net loss to narrow in 4QFY22F, supported by the handover of units in EcoWorld-London projects.

“TP revised to 35 sen,” it said.