TA Enterprise; Buy;
Fair value: RM0.90 (Prev: RM1.00); TAE MK
3QFY13 result was within our expectation; property income picked up and hotel business was stable, but broking remained a drag. Expect larger contribution ahead from property development as sales have picked up. No dividend was declared in the quarter, as expected. Maintain BUY rating; nudged down SOPderived TP to RM0.90.