Strengthening its foothold in Rawang. We view MSGB's latest land
acquisition in Rawang positively given its attractive pricing. The
157-acre piece of land, with an estimated GDV of RM650m, is expected to
complement and ride on the success of MSGB's M Residence project nearby.
We raise our 2013-14 earnings forecasts by 1-3%. Target price is
unchanged at RM1.76 based on a 40% discount to RM2.94 RNAV. Maintain
Hold.
Maybank Research 1 March 2012
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