The stock price has underperformed after the announcement of Brexit and concerns over weaker demand for London property sales as multinational corporations deliberate on relocating their headquarters back to Europe.
KLCCPSG reported a profit after tax and minority interest of RM360.6 million for 1HFY16, a 0.6% growth y-o-y, coming in within our and the consensus expectations, making up 48% of forecasts.
Market uncertainties due to Brexit concerns have delayed E&O’s plan to list its UK operation on the London Stock Exchange’s Alternative Investment Market as potential investors are cautious about new initial public.
Gamuda expects robust property sales of RM500 million to RM520 million in Vietnam, and new overseas ventures in Melbourne and Singapore, to drive overall sales growth from FY16 to FY17.
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