Eco World Development Group "Strategy unchanged, upbeat on outlook" (Buy) Lee

Research evidence excerpt

Eco World Development Group "Strategy unchanged, upbeat on outlook" (Buy) Lee

Global Research

19 May 2026ab

Eco World Development Group Equities

MalaysiaStrategy unchanged, upbeat on outlook

Real Estate

12-month rating Buy

Largely business-as-usual; still positive on industrial properties/data centres

EcoWorld hosted a management call to share its thoughts on the recent change in major 12m price target RM2.42

shareholdings. The strategy remains largely intact. As CEO Dato' Chang Khim Wah puts

it: "we're focused on our business plans to meet sales targets" and clarified that it was

Price (18 May 2026) RM2.09

"not looking at any M&A at the moment". Nonetheless, we think the new major

shareholdings offers a complementary fit to EcoWorld's business, with synergies that RIC: ECOW.KL BBG: ECW MK

may show over a longer time horizon. Separately, management's commentary over

Trading data and key metrics

upcoming results was positive, and its tone around prospective demand for industrial/

52-wk range RM2.30-1.85

data centres encouraging. This is a meaningfully better takeaway versus recent press

reports around construction cost inflation and broader geopolitical uncertainties. Market cap. RM6.16b/US$1.55b

Shares o/s 2,949m (ORD)

Enough land for now, too early to think about M&A, land acquisitions etc. Free float 33%

EcoWorld shared that it has enough land for the next 2-3 years, and does not see Avg. daily volume ('000) 2,582

imminent need to be looking into land acquisitions from the new majority shareholder, Avg. daily value (m) RM5.4

nor the need to buy from or merge with large government linked investment companies Common s/h equity (10/25E) RM5.11b

(GLIC) landbank owners. Indicative Bumi shareholdings within EcoWorld should increase P/BV (10/25E) 1.2x