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By ECM Libra Investment Research Monday, 21 June 2010 14:39

A rebound KL Property Index rebounded by 1.4% last week with SP Setia and Sunway City posting the most gains among stocks under coverage at +2.6% and +2.3% respectively. On  major shareholding changes, Employees Provident Fund, Skim Amanah Saham Bumiputra and Permodalan Nasional Bhd accumulated 0.7m, 0.3m and 0.1m shares in SP Setia respectively Dato’ Yu Kuan Chon added 0.2m shares in YNH. • Notable property news Last week saw several landbanking deals by listed developers. KSL Holdings acquired a 0.84-acre land in U Thant area, Kuala Lumpur for RM25.4m, about RM700 psf which will be developed into a 10-storey condominium with GDV of RM100-110m. State-controlled Kumpulan Hartanah Selangor is reportedly finalising the purchase of a 9.3 acre plot in Section 14, Petaling Jaya near the Asia Jaya LRT station and opposite  the Armada Hotel which will be developed into a high-end mixed development with a potential GDV of nearly  RM1bn. Sunway Holdings, a sister company of Sunway City, has entered into a memorandum of understanding with Dasa Tourist Complex (Private) Ltd to explore the possibility of forming a joint-venture (JV) company to construct and develop a 34-storey building comprising 71 commercial units and 176 residential units on a piece of land in Colombo city in Sri Lanka which has a GDV of US$78m (RM250m). Meanwhile, Asia Pacific Land (AP Land) is partnering HELP International Corp Bhd in a 50:50 joint venture by identifying education business opportunities worldwide, including in Malaysia and China. SP Setia reported a strong set of 2QFY10 results which was within house and market expectations. Property sales of RM1.4bn have been achieved for the 7MFY10 period and we expect the property sector bellwether to achieve its RM2bn sales target for FY10 with ease. Amid all the positive news flows, there was a bad news last week following IJM Land and IGB announcement of the termination of a joint venture to develop a project in  Melawati. We understand this was due to much delay in launching the project following residents’ protests over the development. Nevertheless, we expect no material impact on earnings as this project has generally not been accounted for by analysts. • Maintain OVERWEIGHT We remain bullish on the residential sub-segment of the property sector on the back of sustained property sales amid still low interest rate and improving sentiments. While we like mid-cap property stocks such as Sunway City and Sunrise due to more compelling valuations, recent market weakness has resulted in SP Setia trading at fairly reasonable valuation. We also like Mah Sing among non-rated property stocks.