Bandar Raya

OSK believe the biggest gainers from the current upcycle are the mid- to high-end developers, particularly those with focus in developing landed properties and also have significant exposure in high growth areas.

As such, OSK top buys for the sector are UEM Land and SP Setia for mid- to large-cap property companies while Plenitude is top pick for small cap companies.

For the mid- to high-end residential properties, OSK top buys include BRDB and HunzaProp.

Below are the target prices and ratings for selected property stock.

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We believe that Bank Negara’s latest measures in capping the LTV ratio would have very limited impact on the real property sector. In continuing with our theme, we maintain our OVERWEIGHT call on the Malaysian property sector and advise investors to accumulate on midto high-end residential property developers, particularly those with primary focus on mid- to high-end landed properties in Malaysia. Any knee-jerk reaction on the latest measure will present an opportunity for investors to accumulate.

The table below are the target price for selected developers in property sector.

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stock market

Further Election Indications. With the Star reporting that the PM has called on UMNO party members to get ready for the general election, we believe our long held view of an early 2011 polls will indeed become reality. Given the history of pre-election rallies, we maintain our year-end KLCI target of 1496 pts and 2011 KLCI fair value of 1648 pts even as we caution on the 3Q results to be announced in November. We are particularly positive on the Construction, Property and O&G sectors as part of the election theme. With the Sarawakian state election possibly being held in 2010 and the general election before June 2011, any weakness in the local bourse in November is a cue to Buy.

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