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as of 31 December 2025, the unbilled sales of the company reached a record high of RM1.6 billion, so this should provide a strong earnings for upcoming quarter
OPR cut tailwind, two township launches as catalyst, PE 6x mispricing, dividend yield close to 5%. The structural backdrop is supportive across multiple dimensions. Not a momentum name, more of a patient compounder for property baskets.
Stock trading at only 6x forward PE, a steep discount to sector average of 13x. CGS International target price RM2.03 (highest in consensus), significant upside potential.
Sungai Petani Kedah township and Negeri Sembilan township both launching. New township launches typically see strong initial sales velocity (pent-up demand in those secondary markets), and the revenue recognition kicks in progressively over 24-36 months of construction. So we're looking at sustained earnings growth runway.
BNM cut OPR from 3.00% to 2.75% in July 2025 and held since. Lower OPR = lower mortgage rates = higher mortgage approval rates for first-time buyers. Affordable housing buyers in Lagenda's price segment (RM200k-RM350k) are MOST sensitive to financing accessibility. The cut directly improves their ability to buy. Plus targeted government subsidies and stamp duty waivers stack additional support. Best policy backdrop for affordable housing in years.
discounted to peers, growing earnings, dividend yield, structural demand backdrop. Not a momentum play, more of a buy-and-hold position for those constructing a property basket.
