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- In a note on Thursday, the research house said AME Elite's stronger earnings were driven by higher contributions from its property development, engineering, and property investment segments.
KUALA LUMPUR (Feb 29): Phillip Capital has maintained its “buy” rating on AME Elite Consortium Bhd at RM1.67 with a higher target price (TP) of RM2 (from RM1.96), saying the company’s 9MFY2024 results exceeded both house and consensus estimates.
In a note on Thursday, the research house said AME Elite's stronger earnings were driven by higher contributions from its property development, engineering, and property investment segments.
Phillip Capital raised its FY2025–2026E earnings forecast by 3–5%.
“Maintain Buy with higher SOP-derived TP at RM2.00 (from RM1.96),” it said.
“We expect sales to be encouraging in 4QFY24 with RM280 million bookings on hand.
“AME has an unbilled property sales of RM159 million (0.8x FY23 property development revenue), while outstanding construction orderbook stood at RM200 million (0.6x FY23 construction and engineering revenue),” it said.
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