Property: VAT Discount Continuation and Better Liquidity to Support FY26 Pre-Sales (OVERWEIGHT)
We maintain our OW rating as it still trades at discount vs. historical 5- yrs. with improved pre-sales. Key risks is on peaking local fund position.
356 Views
Equity Strategy: 2H25: Positioning for a Growth Rebound
We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.
232 Views
Property - Overall: KTA from Meeting with JLL
JLL expects landed housing and retail segments to remain strong in FY25F, driven by VAT incentives and stable mall traffic.
297 Views
Property: Picking Quality Names to Ride the Rate Cut Sentiment (OVERWEIGHT)
Property stocks tend to re-rate ahead of or during rate cuts, even though pre-sales remain more dependent on product mix and launches.
332 Views
Property: FY25 Outlook: Picking the Winners Amid Industry Challenges (OVERWEIGHT)
We expect the VAT & BPHTB incentives, which have evidently aided buyers’ affordability and developers’ pre-sales, to continue until 2H25.
373 Views