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By ECM Libra Investment Research Monday, 01 March 2010 14:16

Sales remain strong * Interest returning to the sector KLSE Property Index ended the month marginally lower by 0.7% following a 1.7% recovery last week. There was noticeable accumulation of SP Setia which surged 8.3% higher last week as investors’ confidence returned following the release of its 1QFY10 property sales numbers on Feb 23. Sunway City also seen some action following its recent announcement of the appointment of investment bankers for its REIT listing. On notable major shareholders’ filings, Employees Provident Fund (EPF) has started accumulating property stocks again following weeks of correction. * Sales remain strong, expect more launches SP Setia’s position as a market leader is undisputed following another inspiring 1QFY10 (ending Jan 31) property sales of RM608 million. That’s close to 40% of what it targets to achieve in FY2010. With developers’ confidence returning, we continue to see news flow of more launches especially in Penang where four KL-based developers have plans to launch some RM1.16 billion worth of properties this year. * Mah Sing on acquisition trail While SP Setia leads in sales, Mah Sing hogged the limelight last month by announcing two land acquisitions with land value of RM67.2 million and GDV of RM433 million. This fast turnaround developer was also reportedly eyeing the 20-acre former Lever Brothers’ factory in Bangsar. *  Sunway City’s REIT listing gaining traction Following market talks in January, Sunway City has finally announced that it has appointed investment advisers and book runners for the listing of its REIT which we estimate to have asset value between RM2.5 billion to RM3 billion. *  Maintain OVERWEIGHT We remain bullish on the property sector, in particular the residential subsegment, as we believe investors’ concern on the impact of interest rate hike has been overblown. We hold the view that interest rate hike will be gradual and minimal. Further to that, property sales is driven more by sentiment, which remains buoyant, rather than interest rate alone. We like the residential sub-segment on expectation of higher sales in CY2010 amid still low interest rate and improving sentiments. Our top picks are Sunway City and SP Setia. The former may also have re-rating catalyst as its REIT listing gain further traction. Among non-rated property stocks, we also like IJM Land and Mah Sing. On the other hand, Sunrise offers significant upside of 56% and recent strong sales from its MK 28 project will provide the re-rating catalyst in the months ahead.