Table of Contents
Risk-and-Rewards Improving 3
Opportunities: M&A/ Privatisation/ Land Deals 5
Key Inflection Points 9
a) Recovery in GDP Growth 9
b) Interest Rate Cuts 9
c) Positive Policy Changes 10
d) Improvement in Wealth 12
e) Developers’ Innovative Marketing Efforts 13
Near-Term Sector Outlook Bleak…. 14
….But Sales Not Expected to Collapse 17
Segments to Watch 20
Prefer Investment Asset Owners For Now 25
Earnings Growth Moderating 27
Balance Sheets & Cashflows Still Comfortable 28
Sector At A Glance 30
Stock Profiles/Snapshots 34
- KLCC Property (Buy/ TP: RM3.70) 35
- SP Setia (Fully Valued/ TP: RM2.60) 38
- Sunway City (Hold/ TP: RM1.80) 41
- Sunrise (Hold/ TP: RM1.40) 43
- Eastern & Oriental (Hold/ TP: RM0.70) 45