Fundamental Analysis of SIME PROPERTY (5288)
In the first half of 2024, SDP launched products with a total gross development value (GDV) of RM2.3 billion, achieving 59% of the full-year target of RM3.9 billion. Residential properties saw strong demand, with The Ophera at KLGCC Resort and Elmina Ridge 1 reaching take-up rates of 81% and 95%, respectively. As of August 11, 2024, the average take-up rate for all products was 77%.
With property sales amounting to RM2.1 billion in 1H24 and secured bookings totaling RM2.2 billion as of August 11, 2024, management has raised its FY24 sales target by 17%, from RM3.0 billion to RM3.5 billion.
Looking forward, management expects strong demand and increasing sales volumes to drive sustained performance in the second half of 2024. The group is on track to become one of Malaysia’s leading real estate companies by enhancing its recurring income streams and diversifying its income base.
Technical Pattern Analysis
Technically a strong BUY
During an uptrend, the market builds strength on a long white candlestick and gaps up on the second candlestick. However, the second candlestick trades within a small range and closes at or near its open. This scenario generally shows erosion of confidence in the current trend. Confirmation of a trend reversal would be a lower open on the next candle.
Technical Indicators
Moving Averages
Pivot Points
Summary
Analyst Prediction
