Another township to sustain growth. We are positive on MSGB's latest
land purchase in Bangi given its fair pricing and good location. More
importantly, the new land, slated for the development of bread and
butter-type products, will sustain MSGB's long-term growth. This will
help to cushion the slowdown in sales of high-rise projects like Icon
Residence. We adjust our 2012-14 earnings forecasts by -1.2% to 4.7% but
maintain our MYR2.95 RNAV estimate. Target price is unchanged at
MYR1.77 (40% discount to RNAV). HOLD.
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Source: Maybank Research - 22 May 2012
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