Affin IB Research downgrades Property sector to Neutral
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Affin IB Research downgrades Property sector to Neutral
Affin IB Research downgrades Property sector to Neutral |
Business & Markets 2013 |
Written by theedgemalaysia.com |
Thursday, 17 October 2013 08:49 |
In a note Thursday, it said these may include a hike in RPGT, an increase in stamp duty, curbing of DIBS and rebates.
It said that separately, the Johor state government was mulling to impose a 4-5% property tax on foreign buyers.
Affin IB Research said that in view of the rising policy risk, bottoming of mortgage rate and strong recovery in incoming supply, it expects the property market to moderate in 2014.
“As such, we have cut the CY14-15 earnings forecast for developers under our coverage by 3-17%. We downgrade the property sector to Neutral and cut the target prices of all the developers under our coverage by raising the discount to RNAVs by 5-20%.
“All in, we have downgraded Tropicana and UOA to Adds (from Buy) due to the lower upside potential to our revised TPs. Our top picks for the sector are IJM Land and KSL,” it said.
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