Maintain HOLD. MSGB's reported 1Q12 net profit of MYR59.9m came in above
expectations, accounting for 27-29% of our and consensus estimates. YTD
locked-in sales of MYR1b are tracking its MYR2.5b 2012 target. MSGB’s
move into township development in a big way is a positive, as the more
resilient sales will help to cushion the slowdown in its high-rise
projects. We raise our earnings forecasts by 2-7%. Our TP
is raised to MYR1.83 (+6sen; 40% discount to RNAV).
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Source: Maybank Research - 29 May 2012
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