MY : UOA Development - More project launches in FY21F

UOAD’s 1QFY21 core net profit was in line at 26% of our full-year estimate, but fell short of consensus expectations. 1Q21 new property sales were lower yoy at RM80.8m on lack of launches in FY20. We gather most of its FY21F new launches are back loaded in 4Q21.

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