Property Sector

Tambun Indah Land Bhd (TILB), a leading property developer in Penang, is scheduled for a main-market listing on 18th January 2011. The company was established in 1995, will continue to focus on the property market in Penang but also eyeing for landbank in the Klang Valley like in Shah Alam and Kajang.

Currently, TILB has enough funds for expansion but decided to go for a listing as it wants to raise the company’s profile and build confidence among its associates and customers.

Tambun Indah’s IPO consists of a public issue of 32 million new ordinary shares at an IPO price of 70 sen per share with RM0.50 par value.

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Continue to see the market rallying on 3 Factors. After rising more than 20% at its highest in 2010, we still see the Malaysian market rallying to new highs in 2011 with our KLCI fair value at 1648 points.

We believe this rally will be driven by 3 key factors:

  1. Still respectable Earnings at 16% growth for 2011 with most sectors expected to record at least 10% growth. Banks and Domestic consumption driven sectors such as Aviation, Healthcare and Property should see decent quality earnings with little downside surprises. We expect earnings surprises and upgrades to support the market in 2011.
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stock market

Buy for 2011. For December, we would advise investors to return to the market to position for a potential rally in 1H2011. We note that December had indeed been a good month since 1996, posting positive returns 86% of the time. We are, for December, inclined towards the Big Caps, with our Top Banking and Telco sector Buys again being CIMB, Maybank and Axiata. Our Top Buys for December include stocks from the Property and O&G sectors.

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property

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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property investment

TERRACE HOUSES SOLD FOR RM1M! BUYERS CAMP FOR 10 NIGHTS TO BUY A NEW HOUSE! HOMES BECOMING TOO COSTLY FOR THE AVERAGE MALAYSIAN! These are just some of the headlines that in no small way reflect a recent real estate phenomenon characterised by spiraling property prices and Malaysians’ thirst for newly launched houses. The aim of this report is to help investors understand the real estate environment we are living in, what is likely to happen in the future and how to profit from this ever-dynamic real estate sector.

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