Avaland: Within Expectations. Outperform, TP: RM0.30

Avaland Berhad’s (Avaland) 4QFY25 net profit rebounded QoQ to RM18.2m (from RM8.1m in 3QFY25), mainly due to stronger progressive revenue contributions from key ongoing projects, particularly Aetas Seputeh, Meria, and Avalon in Cybersouth, which recorded advanced construction progress and more mature sales performance during the quarter.

Avaland

The Group recorded RM56.7m in FY25, which is in line with our full-year estimates. Meanwhile, it secured new sales of RM843m in FY25 (slightly lower than FY24 new sales of RM894m), driven primarily by significant contributions from Aetas Seputeh and Amika Residences.

Other projects such as Sanderling 2 and Casa Embun Phase 2 also contributed to its FY15 new sales performance.

On the other hand, unbilled sales rose to RM894m, from RM811m a quarter ago.

“All told, we make no change to our earnings estimates and maintain our Outperform recommendation and TP of RM0.30, pegged at a c.60% discount to its book value, in line with its peers,” says Public Investment Bank.

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