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Affin Investment Reiterates Neutral Stance On Property Sector
"While developers' first half of 2014 earnings were resilient, we forecast weaker 2015 sales (post the implementation of the Goods and Services Tax) and an ongoing margin squeeze to soften future earnings.
The bank opined that these negatives were largely factored in and that the downside risk to share prices were somewhat limited.
"Our top pick for the property sector is Tropicana Corp Bhd with a target price of RM1.83. We like Tropicana for its strategic land bank, ongoing asset monetisation and de-gearing exercise.
"We also like Sunway Integrated Properties with a taregt price of RM3.30 for its integrated real estate model, extensive experience in the costruction sector and established footprint in Singapore, it said in a research note.
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