The reported numbers came in line; making up to 23.8% of our forecasted net profit of RM484.1m and 26.4% of consensus forecast of RM436.0m. We reckon that the earnings growth in the subsequent quarters will be supported by (i) progressive billings of unbilled property sales (ii) steady income from capital financing and (iii) strategic investment in RHB Bank Bhd (10.24% equity stake).