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aws全区号(www.2km.me)_‘Neutral’ rating on property sector stays

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The research house said year-to-date, sales by most developers under its coverage have been strong, with Eco World Development Group Bhd and Sunway Bhd already surpassing their initial sales targets while Sime Darby Property Bhd and S P Setia Bhd are likely to surpass sales targets by the fourth quarter of this year.

KUALA LUMPUR: Kenanga Research has maintained a “neutral” call on the property sector, noting, however, that it is still plagued with affordability, policy and oversupply issues.

“We feel the sector still lacks sustainable earnings visibility and growth to justify a re-rating in valuations,” it said.

“While sales numbers reported by developers have generally been good year-to-date, we believe it would be increasingly hard to drive sales in financial year 2022 (FY22), given the absence of Home Ownership Campaign (HOC) discounts and expected interest-rate hikes on the back of a persistent oversupply issue,” Kenanga Research said.

The research house said year-to-date, sales by most developers under its coverage have been strong, with Eco World Development Group Bhd and Sunway Bhd already surpassing their initial sales targets while Sime Darby Property Bhd and S P Setia Bhd are likely to surpass sales targets by the fourth quarter of this year.

Kenanga believes the broad rationale behind the strong sales was due to the low interest rate climate coupled with the ongoing HOC being implemented.

“Should our FY21 sales target be met by individual developers in the fourth quarter, note that cumulative developers’ sales (of RM18.9bil) under our coverage would surpass pre-Covid levels, mainly thanks to Eco World and Sunway’s outstanding performance,” it said.

While FY21 sales have been encouraging, Kenanga is less upbeat on the FY22 sales prospects, given the absence of the HOC, expected interest rate hike as the economy recovers, property cooling measures implemented in Singapore (in December 2021) and growing overhangs and unsold units under construction within the residential market, which would create a more competitive sector.

“Therefore, we anticipate a drop in overall year-on-year sales by developers under our coverage to RM17.75bil,” Kenanga said.

Generally, it noted that property development margins year-to-date have been rather stable. This is attributable to cost controls and efforts to pivot into digital marketing, which substantially saved on sales and marketing costs while sales remained healthy.

Developers that saw their margins severely deteriorated were those who had a lack of fresh sales, low unbilled sales at the start of the period and those with a less nimble cost structure.

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