MIDF Amanah Investment Bank (MIDF Research) has maintained its NEUTRAL rating on Eco World Development Group Bhd with an unchanged target price of RM2.01, following the company's memorandum of understanding (MOU) with SD Guthrie Bhd and NS Corp to jointly develop an industrial park in Bukit Pelandok, Negeri Sembilan.
Under the MOU, Eco World, SD Guthrie and NS Corp will collaboratively develop a 471-ha industrial park with an estimated gross development value of RM2.95 billion. Positioned within the Malaysian Vision Valley 2.0 (MVV 2.0) economic corridor, the industrial park will feature a mix of industrial lots, ready-built factories, and commercial properties targeting high-growth sectors such as aerospace, electrical and electronics, logistics and biotechnology. The development is expected to take place over the next eight years.
MIDF Research expressed a neutral-to-positive view on the strategic collaboration, which will expand Eco World's industrial property development portfolio. The research house highlighted that Eco World has been aiming to grow its industrial property division due to its expertise in the sector and the strong demand for industrial products in Malaysia. The company already has 977ha of land earmarked for industrial parks, which represent 27% of its total landbank.
Despite the positive outlook for the industrial park development, the research house maintained their earnings forecast for Eco World for the financial year 2025 forecasted (FY25F), FY26F and FY27F, pending further details on the MOU, such as the company's stake in the project and capital requirements. Eco World's net gearing, at 0.19 times as of 4QFY24, is considered healthy by the analyst, positioning the company well to expand its landbank further.
The research house noted that while the outlook for Eco World's earnings and net sales is expected to remain stable, the positives of the collaboration have already been largely priced into the company's stock, which is currently trading above its latest net tangible asset of RM1.66 per share.
MIDF Amanah投资银行（MIDF Research）维持了对Eco World Development Group Bhd的中性评级，目标价为2.01令吉不变，此前该公司与SD Guthrie Bhd和NS Corp签署了谅解备忘录（MOU），共同开发森美兰州武吉佩兰多克工业园。
根据谅解备忘录，Eco World、SD Guthrie和NS Corp将合作开发一个占地471公顷的工业园区，估计总开发价值为29.5令吉。该工业园位于马来西亚愿景谷2.0（MVV 2.0）经济走廊内，将包括工业用地、现成工厂和针对航空航天、电气和电子、物流和生物技术等高增长领域的商业地产。该开发预计将在未来八年内进行。
MIDF Research对战略合作表达了中立至积极的看法，这将扩大Eco World的工业产权开发组合。该研究机构强调，由于其在该领域的专业知识以及马来西亚对工业产品的强劲需求，Eco World一直致力于发展其工业产权部门。该公司已经拥有977公顷的工业园用地，占其总土地储备的27％。
尽管工业园开发前景乐观，但该研究机构维持了对生态世界预测的2025财年（FY25F）、FY26F 和 FY27F 的收益预测，等待谅解备忘录的更多细节，例如该公司在该项目的股份和资本需求。分析师认为，截至 4QFY24，Eco World的净资产负债率为0.19倍，这使该公司有望进一步扩大其土地储备。
该研究机构指出，尽管预计Eco World的收益和净销售额前景将保持稳定，但合作的积极因素已经在很大程度上体现在该公司的股票中，该公司的股票目前的交易价格高于其最新的每股净有形资产1.66令吉。
