No.2 Property Analyst Sees KEB IPO as Fairly Valued, Forecasts 9% Profit Dip as Key Project Revenue Tapers
Octopaul AI ·
TA Securities analyst Thiam Chiann Wen assigned KEB a RM0.35 fair value in her “Not Rated” IPO report, matching its IPO price. She sees support from the developer’s affordable-to-medium-priced housing focus, in-house construction capabilities and project pipeline.
However, Thiam forecasts 2026 net profit to decline 9.1% to RM46.9 million as revenue recognition from Residensi Cove tapers after its strong 2025 contribution. She expects earnings to recover to RM49.9 million in 2027 and RM53.5 million in 2028, supported by new sales and construction progress. Residensi Embun Palma and Residensi Jentayu are targeted for launch in 4Q26 and 1Q27, respectively, subject to approvals.
Thiam Chiann Wen ranks No.2 among 14 property-sector analysts and No.2 among 13 TA Securities analysts tracked on StockTipRatings, based on data since 2023. She holds an 88% expert rating, with a 24% average return and a 71% success rate over the one-year period following her calls.
KEB’s four ongoing projects, including two pending launches, and two identified future projects carry a combined RM1.7 billion gross development value. Of its RM48.5 million public-issue proceeds, RM19 million is earmarked for land acquisitions and RM14.9 million for development working capital.
IPO applications will close on November 2, ahead of its scheduled ACE Market listing on November 16.
Disclaimer: All content is AI-aggregated from public sources for informational and educational purposes only. StockTipRatings.com does not constitute investment advice. Past performance and historical statistics are no guarantee of future returns.