’s property investment unit is expected to be the company’s key earnings driver over the medium term, say analysts.
“Top line for its property investment division continued to grow – driven mainly by IOI City Mall Phase 2. The group registered RM443mil of new property sales in 3Q23 compared with RM478mil in 2Q23. Local projects contributed 83% of sales while China and Singapore made up the remainder. RHB Research said IOIProp will focus on clearing its unsold inventory of RM1.16bil over the next two to three years, leading to minimal upcoming launches in China.
The research house said the property investment division and hospitality and leisure segments were the main propeller for the group’s marginal earnings growth in the nine months of the financial year 2023 . “We see the outlook for IOIProp to be stable due to recovery of property investment and hospitality and leisure segments which will be driven by reopening of economy and higher tourist arrival.
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