New launches to bolster Skyworld

PETALING JAYA: Skyworld Development Bhd is set to see a lift in its performance as it gains momentum, analysts say.

TA Research is keeping a positive view on the developer’s near-term outlook, supported by results for the second quarter of Skyworld’s financial year ending March 31, 2026 (FY26), and operational updates that have proven its recovery trajectory remains intact.

“Rising unbilled sales, a robust launch pipeline, and accelerating progress billings provide clear earnings momentum into the second half of FY26 (2H26). Medium-term catalysts such as its prefabricated prefinished volumetric construction (PPVC) facility and Vietnam ventures also enhance scalability and margin sustainability,” TA Research said.

The research firm said Skyworld’s quarterly sales rose 61.4% to RM164.8mil, lifting its 1H26 sales to RM266.9mil, with an overall take-up rate of 94.2% across active projects.

It added that ongoing projects have also recorded steady sales progress such as Curvo Residences and Vesta Residences in Kuala Lumpur.

“Launch momentum is expected to accelerate in 2H26, supported by strong demand for newly launched projects like SkyAwani PRIMA in Brickfields that launched in October, while SkyAwani 6 in Setapak opened for signing this month and is about 70% booked,” the research house noted.

TA Research said it is particularly upbeat on SkyAwani Pearlmont, a freehold affordable housing project in Seberang Jaya, Penang.

“We make no changes to our FY26 to FY28 earnings forecasts, maintaining new sales assumptions of RM1bil to RM1.6bil. We reiterate our ‘buy’ call on Skyworld with an unchanged target price of 70 sen per share.”

Meanwhile, BIMB Research said Skyworld has been progressing strategically on multiple fronts, including its digital ecosystem the MyDECO platform.

“In Vietnam, the group is recalibrating its presence. Its memorandum of understanding for Binh Chanh District 13D has lapsed, but progress is being made with land in District 8, where an amended agreement has been signed and completion is scheduled for next year, with a launch in 2027.

“Negotiations also continue for the Sai Gon Thuan An Central site, as management seeks to build a second growth pillar outside Malaysia,” the research house said.

BIMB Research said Skyworld’s earnings for its second quarter fell below expectations.

As such the research house lowered its FY26 to FY28 earnings forecasts by 7.4%, 7.8% and 0.1% respectively, reflecting a revised view on project phasing and revenue recognition.

“However, we remain of the view that earnings will gradually improve over the year. We also maintain a ‘buy’ call with a target price of 78 sen based on an outlook that’s supported by strong earnings visibility, underpinned by RM589mil in unbilled sales and a RM20.3bil pipeline of gross development value over 10 years,” it said.