Maintain BUY. 1Q12 results, due on 22 May, should not disappoint. We maintain our forecast of a 6% growth in net profit this year, although there is a possibility that 2012 profits may positively surprise due to revaluation gains. Strong property sales YTD and continuous job win momentum in the next few months would provide the growth impetus to 2013 earnings. We reiterate our BUY call on the stock with an unchanged MYR3.15 SOP-based target price (15x 2012 earnings plus a 20sen increment from the KLIA2 IC concession).

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 Source: Maybank Research - 16 May 2012