Maintain Hold. We are not overly excited about MSGB's latest 4.3-acre
land acquisition in Kota Kinabalu (KK) given its relatively high
pricing. Development on the land, with an e.RM300m GDV, is expected to
enhance our earnings estimates by 1-3%. Separately, we are concern on
the termination of the RM220m in enbloc sale (or 96 units) for Icon
Residence Mont Kiara (IRMK) due to rising sales risk in the Mont Kiara
area. All in all, we adjust our earnings by -3% to +1.5%. Our RM1.77 TP
is based on a 40% discount to our RM2.95 RNAV.
Maybank Research 27 March 2012
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