Paper Title
IMPLICATIONS OF COVID-19 ON BUSINESS VALUE ON PROPERTY DEVELOPERS: CASE STUDY OF MALAYSIA

Abstract
The COVID-19 pandemic has profoundly affected the global economy, including the real estate sector in Malaysia. This study focuses on analyzing the trend of the price-to-earnings (P/E) ratio of listed property developers before, during, and after the pandemic. The P/E ratio is a critical indicator of market sentiment and investor confidence in property developers. Using a quantitative approach, this research examines how the P/E ratios of selected listed property developers in Malaysia evolved in response to the pandemic. It investigates the impact of market volatility, changes in investor behavior, and government interventions on the valuation of these companies. The study also explores how developers adjusted their financial strategies and operational resilience to navigate the crisis and capitalize on recovery phases. Key findings highlight significant fluctuations in P/E ratios during the pandemic, reflecting heightened investor uncertainty and market instability. The analysis identifies trends such as initial valuation declines during the onset of the pandemic, followed by recovery phases influenced by factors such as economic stimulus packages and shifts in consumer preferences. Moreover, the research discusses strategies adopted by property developers to restore investor confidence and enhance their P/E ratios post-pandemic. These strategies include cost rationalization, diversification into resilient property segments, and adoption of digital technologies to streamline operations. By synthesizing these trends, this study contributes valuable insights into the financial resilience and adaptive strategies of listed property developers in Malaysia. It provides actionable recommendations for investors, policymakers, and industry stakeholders to navigate future uncertainties and foster sustainable growth in the real estate sector. Keywords - Non-Performing Property Loans, Real Estate Finance System, Primary Mortgage Market, Secondary Mortgage Market, Capital Market, Conditions of NPLs