E&O's earnings outlook brightens on RM2bil project pipeline
RHB Research has raised its FY26 and FY27 earnings outlook for the company by 8% and 7%, respectively.
E&O's unbilled sales rose to RM1.5bil from RM1.46bil in the third quarter of FY25 (3Q25).
The research house maintained its 'buy' call on the stock but lowered its target price to RM1.17 from RM1.38 per share, citing persistent market volatility arising from regulatory changes that are expected to affect global trade and sentiment.
The new target price is now based on a 50% discount to the property developer's revalued net asset value, compared with 40% previously.
Upcoming property launches include its Senna and Fera homes in Penang with gross development value of RM306mil in July or August, maiden shop offices and three-storey terrace homes in Elmina development in Selangor, as well as a new block of mid-range waterfront service apartments on Andaman Island, Penang.
E&O's results for its fourth quarter of financial year ended March 31 once again beat the research house's expectations. Earnings continued to be underpinned by ongoing projects and were boosted by the disposal of Esca House in London.
Revenue remained stable on a quarter-on-quarter basis, supported by billings from ongoing projects such as The Meg, Arica, and Senna and Fera landed homes at Andaman Island, as well as the RM75mil sale of Esca House.
However, headline pre-tax profit for FY25 was skewed by an unrealised foreign-exchange loss of RM29mil.
Excluding this, FY25 core earnings would have been RM210mil versus RM100mil in FY24.Net gearing rose to 0.62 times from 0.59 times in the previous quarter.
No final dividend was declared, with the FY25 dividend per share amounting to only one sen.
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