KUALA LUMPUR: IOI Properties Group Bhd is keeping its FY22 sales projection to RM2.3bil, the same level as that of the current year, as market confidence remains low, says RHB Research. "While some smaller tenants terminated their leases, the overall occupancy rate is still hovering around 95%. "Still, we remain upbeat on IOIPG’s overseas markets where COVID-19 is better contained, so demand should see a more sustainable recovery," said RHB.Over the longer-term, IOI Properties targets to launch the Marina View project in two years, pending approvals from the authorities. "Net gearing is expected to rise to around 0.70x from 0.47x presently. The group’s land-holding cost may be reduced, if the project can be rolled out earlier," said RHB.The research house maintained its "buy" call on the stock with a target price of RM1.53.

Source: The Star October 08, 2021 02:26 UTC