PHILIP CAPITAL - We expect sequentially stronger 4QFY25 earnings, driven by higher progress billings from ongoing projects, coupled with the final milestone billings from the completion of EdgeWood and SkyVogue.

We trim our FY25/26 earnings by 13%-25% to account for the delayed launch for SkyAmanyi and higher effective tax rate. We raise our FY27 earnings forecast by 1% after incorporating a better progress recognition for SkyAmanyi. We maintain our revised net asset value-derived target price and “buy” call, as we continue to like SkyWorld’s robust project pipelines, driven by its recent RM13 billion venture into Penang’s affordable housing segment.