Lagenda Properties faces turmoils
On May 29, 2024, $LAGENDA(7179.MY$ experienced a significant market setback as its shares hit the limit down, falling to RM1.17 per share. The company, known for its affordable housing projects, is now under scrutiny as investors and market analysts seek to understand the factors driving this sudden drop in value.
In a related development, the Malaysian Anti-Corruption Commission (MACC) detained a managing director linked to a controversial Malay Reserve land deal. The managing director, whose identity has not been disclosed, is accused of misconduct and irregularities in the land transaction, further shaking investor confidence in the implicated entities.
Lagenda Properties had come out to address the issue and said that one of its senior personnel was remanded by the MACC under an investigation into the subdivision of Malay reserve land in Manjung, Perak. As far as Lagenda is aware, it was only the individual to be remanded and the investigation does not concern the group nor any of its units. So, it’s business as usual.
For the 1Q2024, Lagenda’s net profit rose to RM42.72mil from RM39.34mil. The improvement from profit came from strong sales momentum and growing construction progress from various projects. It looks like the fundamentals of the company are still strong despite the negative publicity. Share price had help up quite steadily since, and once the investigation is resolved, there’s a chance that the share price would normalize again (assuming the investigation doesn’t escalate to be a corporate concern). Based on M+ Global data, Lagenda Properties currently offers a 5.8% dividend yield after the limit down incident on Wednesday. That looks quite attractive if all else is equal.
In a related development, the Malaysian Anti-Corruption Commission (MACC) detained a managing director linked to a controversial Malay Reserve land deal. The managing director, whose identity has not been disclosed, is accused of misconduct and irregularities in the land transaction, further shaking investor confidence in the implicated entities.
Lagenda Properties had come out to address the issue and said that one of its senior personnel was remanded by the MACC under an investigation into the subdivision of Malay reserve land in Manjung, Perak. As far as Lagenda is aware, it was only the individual to be remanded and the investigation does not concern the group nor any of its units. So, it’s business as usual.
For the 1Q2024, Lagenda’s net profit rose to RM42.72mil from RM39.34mil. The improvement from profit came from strong sales momentum and growing construction progress from various projects. It looks like the fundamentals of the company are still strong despite the negative publicity. Share price had help up quite steadily since, and once the investigation is resolved, there’s a chance that the share price would normalize again (assuming the investigation doesn’t escalate to be a corporate concern). Based on M+ Global data, Lagenda Properties currently offers a 5.8% dividend yield after the limit down incident on Wednesday. That looks quite attractive if all else is equal.
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