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.
Click here for full reportSource: Maybank Research - 22 May 2012