Ann: UOA Development Bhd - Profit Result (3rd Qtr 2023), page-4

They have always been conservative in their valuations and seemingly well regarded developers, so there does not seem to be too much risk of markdowns on their balance sheet, however, despite rentals ensuring the company stays profitable it is far short of the profits they were generating off developing and selling property hence the share price movement over the last 3 years

This year they also paid out a decent dividend (as opposed to previous years), and they have used a decent amount of the cash they had so you have to wonder whether they don't see an opportunity to deploy that cash (i.e. still no demand for property) or some shareholders were getting a little impatient (although the register is mostly insiders so unclear on the motivation around additional dividends).

I'm not familiar with the market in Malaysia so perhaps they are just waiting for a recovery (perhaps rentals are better than sale prices), but it certainly seems there is a lot more potential in the business which is being moderated (lack of demand, lack of pricing in the market??)