News by syafiqah Salim

Hong Leong Investment Bank (HLIB) Bhd has maintained its "neutral" stance on the property sector on the expectation of a normalised pace of billings and moderate growth in new property launches and sales throughout the year of 2024.

Shares in Kerjaya Prospek Group Bhd rose to a fresh record high of RM1.63 in early trade on Thursday as analysts viewed the group will continue to benefit from strong growth in Andaman Island.

The real estate investment trust (REIT) sector would be minimally affected by the high-value goods tax, as tenants' profit sharing is less than 10% of the mall’s total revenue, while the potential impact on luxury goods buyers is likely to be limited due to their comparatively lower price sensitivity given their large purchasing power, according to Hong Leong Investment Bank (HLIB).

Datuk Saiful Nizam Mohd Yusoff, who is the president of Jiankun International Bhd, has ceased to be a substantial shareholder of the loss-making property development and construction group.

Packaging manufacturer and property developer Scientex Bhd kick-started its new financial year on a positive note, with its net profit for the first financial quarter ended Oct 31, 2023 (1QFY2024) climbing 28.6% to RM137.84 million, from RM107.18 million a year earlier, driven by its property division.

KPJ Healthcare Bhd’s plan to divest its loss-making Aged Care Business in Australia for A$700 million (equivalent to RM2.2 million) is being viewed positively by investment analysts, as the move is expected to cut operating costs and alleviate cash flow requirements for the country’s largest healthcare provider.

Market watchers have maintained their "buy" ratings on Gamuda Bhd, as they expect the engineering and construction group to deliver strong quarters ahead for the financial year ending July 31, 2024 (FY2024), on the back of a record-high order book and unbilled sales.

Property developer Avaland Bhd (formerly known as MCT Bhd) has redesignated its non-independent non-executive director Apollo Bello Tanco as the group’s executive director (ED) and chief executive officer effective Jan 1, 2024.

Kerjaya Prospek Bhd is demanding RM20 million in termination damages from BCM Holdings Sdn Bhd, a subsidiary of Ecofirst Consolidated Bhd, after BCM suddenly decided not to proceed with the RM404.35 million residential project it awarded to the group in June this year.

Kerjaya Prospek Property Bhd (KPProp), which reported a net profit of RM22.8 million for its second quarter ended Sept 30, 2023 (2QFY2024) — little changed from a year ago — is looking for new strategic plots to increase its land bank, especially in the Klang Valley, to ensure a steady pipeline of future development projects, according to executive chairman Datin Toh Siew Chuon.