Expect a good year. There were no major updates that were new to us from last Friday's analyst briefing, to add to our update note of 17 Feb. We remain positive on a stronger construction order book by this year-end, with job wins to gain momentum beyond the RM632m secured year to date. Meanwhile, 2012 earnings will be underpinned by record property sales in 2011 and sizeable launches this year. We retain our earnings forecasts and our RM3.15 SOP-based TP (15x 2012 earnings plus 20sen increment from the KLIA2 IC concession).

Maybank Research 27 Feb 2012

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