Maybank IB Research said ECW management maintained its RM6bil sales target for FY19-20. After excluding the sales achieved in FY19, sales target for FY20 would be RM3.3bil.
KUALA LUMPUR: EcoWorld Development Bhd’s (ECW) 4QFY10/19 net profit of RM82mil (+5.4x YoY) was above expectations, Maybank Investment Bank Research said.
“ECW’s FY19 property sales were spot on at RM2.7bil. Management has set a RM3.3bil sales goal for FY20. We raise our earnings forecasts by 26%-37% to factor in FY19 actual results and higher earnings contributions from its 27% associate.
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