The property sector displayed a robust outlook with healthy demand, according to reports by MIDF Amanah Investment Bank (MIDF). Data from Bank Negara Malaysia (BNM) indicated that total loan applications for property purchases normalised to RM52.4 billion in June 2024, despite a slight monthly decline, and cumulative total loan applications rose to RM307 billion in the first half of the calendar year 2024 (1HCY24), showcasing strong buying interest driven by a stable Overnight Policy Rate (OPR) of 3% and an improving sector outlook.
MIDF maintains a POSITIVE rating on the property sector, citing a promising outlook and the anticipation of earnings growth for property developers in the upcoming second quarter of CY24. The bank highlighted Mah Sing Group Berhad and Matrix Concepts Holdings Berhad as top picks, recommending a BUY for both with target prices of RM1.97 and RM2.22 respectively.
Mah Sing Group recorded RM992 million in new sales in the first four months of the fiscal year 2024 (4MFY24), on track to meet its sales target of RM2.5 billion for the year. The company is also expanding its data centre venture and maintains a healthy balance sheet with low net gearing of 0.06x.
Matrix Concepts Holdings is expected to see positive earnings growth in FY25, supported by its property projects in the Bandar Sri Sendayan township and earnings catalysts from its Malaysia Vision Valley (MVV) land, with the first launch targeted for the second half of FY26 (2HFY26). The company's dividend yield remains attractive, estimated at 5.7%.
The strengthening of the Ringgit was expected to have minimal impact on property companies, as most revenues and costs are Ringgit-denominated, except for companies with overseas exposure such as IOI Properties Group, S P Setia, and Sunway Berhad. The KL Property Index experienced a significant sell-off, resulting in the price-to-book ratio falling below its long-term mean, which MIDF sees as a buying opportunity for investors given the property sector's upcycle.
根据MIDF Amanah投资银行的报告,物业板块展望良好,需求旺盛。马来西亚国家银行的数据显示,尽管6月份出现轻微月度下降,但房产购买贷款的总贷款申请金额在2024年6月份达到了524亿马来西亚令吉的标准,并且累计贷款申请总额在2024年上半年(1HCY24)达到了3070亿马来西亚令吉,展示了由3%的稳定隔夜政策利率(OPR)和不断改善的行业前景带动的强劲买盘兴趣。
MIDF维持对物业板块的积极评级,认为展望前景良好,预计在2024财年第二季度物业开发商的盈利将会增长。该银行重点推荐马明集团和Matrix概念控股公司,并对两个公司的目标价进行了建议买入,分别为1.97令吉和2.22令吉。
马明集团在2024财年的前四个月新销售额达到99200万马来西亚令吉,符合该公司全年250亿马来西亚令吉的销售目标。该公司还在扩大其数据中心创业公司,并保持健康的资产负债率,净减杠杆比率仅为0.06倍。
Matrix概念控股公司预计在2025财年将会实现正面盈利增长,得益于其在Bandar Sri Sendayan的物业项目和Malaysia Vision Valley(MVV)的利润催化剂,在2026财年下半年(2HFY26)其首次推出。该公司的股息收益率仍然很有吸引力,估计为5.7%。
马来西亚令吉走强对物业公司预计影响较小,因为大多数收入和成本是以该货币计价的,除了那些涉及境外业务的公司,如IOI Properties Group、S P Setia和Sunway Berhad。KL Property指数出现了大幅抛售,导致市净率低于其长期均值,MIDF认为这是投资者的买入机会,考虑到物业板块的上涨周期。