PETALING JAYA: Sime Darby Property Bhd
’s (SimeProp) sales target of RM3.6bil for the financial year ending Dec 31, 2025 (FY25) is expected to be exceeded on healthy bookings of properties reported, together with the company’s third quarter ended Sept 30, 2025 (3Q25) results.
As of November 2025, SimeProp had RM1.5bil in bookings, suggesting a possibility of exceeding its FY25 sales assumptions, said Maybank Investment Bank Research (Maybank IB).
It also noted the company’s unbilled sales of RM4.1bil at end-September 2025.
“SimeProp locked in RM3.4bil property sales in the cumulative nine-months of FY25, which account for 94% and 92% of its and our forecast FY25 sales goal and assumption of RM3.6bil and RM3.7bil, respectively,” it said.
The research house noted that SimeProp’s 3Q25 core net profit had beaten its expectations, which then lifted its year-to-date core net profit to RM442.3mil and accounts for 80% of its and the consensus’ forecasts for FY25.
“The earnings beat was driven by higher-than-expected finance income.
“At end-3Q25, SimeProp’s net gearing stood at 0.34 times compared to 0.31 times at end 2Q25 and this should rise further (estimate FY25: 0.36 times) as construction for the two data centres progresses,” Maybank IB said.
The research house upgraded SimeProp to a “buy” from “hold”, with a new target price of RM1.52 from RM1.50.
TA Research expects SimeProp to record an additional RM900mil to RM1bil in sales in 4Q25, which should lift total sales this year to around RM4.3bil to RM4.4bil.
It said the company’s net gearing of 34% sits comfortably below the management’s threshold of 50%.
The research house raised its FY25 and FY26 new sales assumptions by 11% and 6% respectively to RM4.4bil and RM4.5bil.
It maintained a “buy” recommendation on SimeProp with an unchanged target price of RM2.05.
