Will the Malaysian Property industry turn around by 2024?

I carried out a fundamental analysis of the Bursa Property companies. The key findings are

The key findings based on these 85 companies are:

a) Industry revenue has been declining since 2017. Nevertheless, the industry revenue has grown at a CAGR of 6.8 % from 2010 to 2020.

b) The industry earnings were at a standstill. The industry average PAT in 2020 is about the same as that in 2010.

b) The growth in revenue and earnings was driven by the large company group.

c) The industry performance in terms of Return on Equity peaked in 2012 and it has gone downhill since then. The 2020 ROE is about 1/3 that of 2010.

d) The industry funding in terms of equity and debt appeared to have increased despite the decline in earnings. This has resulted in a decline in the Return on Equity. On the positive side, the industry Debt-Equity ratio for the sector appears to be quite stable.

e) I do not see the industry performance turning around until another 2 to 3 years. If we are lucky, we may see the start of an uptrend in 2024. This is based on the declining revenue, declining gross profitability, and the big ship effect.