Broker Name: Maybank Investment Bank Berhad
Date of Report: March 13, 2026

Excerpt from Maybank Investment Bank Berhad report.

Report Summary

• Eco World Development (ECW) reported a strong start to FY26, with 1QFY26 core net profit up 96% year-on-year, driven by industrial land sales and robust property sales, which reached MYR2.1 billion in the first four months—over half of the FY26 target.
• The company’s balance sheet remains healthy, with net gearing at 0.17x, and unbilled sales at MYR5.1 billion, supporting future revenue. ECW is expanding its recurring income base (retail assets, data centers) and actively seeking more industrial land acquisitions to deepen its exposure in the industrial property segment.

Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: https://www.maybank.com/investment-banking