Multi-Purpose Holdings Bhd (MPHB) remains the top pick for the gaming sector, says Alliance Research.

Alliance Research said MPHB Capital Bhd (MPHB Cap) could be listed in the late second quarter 2013, although it did not discount the possibility of a one or two-month delay, as approval from the Securities Commission Malaysia (SC) came only yesterday.

It said to recap, SC approved the proposed listing exercise of MPHB Cap in December last year, subject to certain conditions.

One condition, required MPHB Cap to conduct an independent valuation of its material property assets and incorporate disclosures relating to the valuation as well as financial effects in the listing prospectus.

"We understand that this condition led to the delay of MPHB Cap's listing, which was initially planned for the first quarter of this year," said Alliance Research in a research note today.

Alliance Research has retained its strong 'buy' recommendation for MPHB with an unchanged target price of RM4.21.-- Bernama