Bursa Malaysia Stock Watch
RHBInvest Research Highlights 19th September 2011
kltrader
Publish date: Mon, 19 Sep 2011, 01:18 PM
kltrader
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19th September 2011
Top Story: Sunway Bhd: Diversified exposure helps Outperform
Company update
'' Sunway's property division is seeing some slowdown in sales recently. In our opinion, the take-up rate of only 50% for the first 237 residential units of Velocity is not as impressive. We believe the weaker-than-expected response was partly due to the timing as well as pricing of the products. To note, the project was launched just two months ago, at a discounted ASP of RM750 psf. The company is not in hurry to roll out the units, as plot ratio and GDV could be further boosted due to the height restriction previously limited by the Sungai Besi Air Force base, which will be removed in the near future.
Sector Call
Property - MREIT: Expectation on Budget 2012 Neutral
Sector update
'' We believe the REITs will be one of the sectors that will be touched on in the upcoming Budget 2012t. The "concession" for the current withholding tax regime is expiring in end 2011. Currently the Malaysian REIT Managers Association (MRMA) is engaging with the MOF to extend the existing tax structure for a further five years.
Corporate Highlights
Proton: Proton To Collaborate With Mitsubishi? Underperform
Company Update
'' Proton announced that it is in serious discussions with Mitsubishi Motors Corp (MMC) for strategic collaboration including the joint production of engines, vehicle contract manufacturing for MMC, parts sharing and provision of electric vehicle technologies.
Genting Malaysia : Miami master plan revealed Outperform
News Update
'' Genting Malaysia has unveiled a master plan for its US$3bn Resorts World Miami (RWM) which boasts a series of four hotels with a total 5,200 rooms and two residential towers featuring 1,000 units, encompassing approximately 10m sq ft of space. A casino will be included if Florida 's legislature and governor approve destination resort legislation.
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