Eco World Development Group Bhd is expected to exceed its RM3.5 billion sales target for the financial year 2023 (FY23), according to Maybank Investment Bank Bhd (MaybankIB). With RM2.4 billion in property sales achieved in the first seven months of 2023 (7MFY23), Eco World has already reached 69% of its sales target.
The company's strong sales performance was driven by residential and industrial properties, with landed residential accounting for 41% and industrial properties accounting for 35% of total sales. MaybankIB also highlighted that EcoWorld is actively seeking new landbank in strategic locations such as the Klang Valley, Penang, and Johor.
Despite revising earnings forecasts, MaybankIB maintains a "Buy" rating on the stock with an unchanged target price of RM1.02.