Near-term outlook for property sector to remain unexciting, says MIDF

MIDF Research has maintained its “neutral” rating on property sector and said it sees near-term outlook for property sector to remain unexciting due to the oversupply concern.

MIDF Research 维持其对房地产行业的“中性”评级，并表示由于供应过剩的担忧，它认为房地产行业的近期前景仍然不乐观。

It said residential overhang units in 1QCY22 were largely contributed by condominium and apartment.

它表示，1QCY22 的住宅悬挑单元主要由公寓和公寓贡献。

It said condominium and apartment contributed 20,680 units or 58% to total residential overhang units.

它说，共管公寓和公寓贡献了 20,680 套或 58% 的住宅悬垂单元。

Meanwhile, two- to three-storey terrace contributed 5,889 units or 17% to total residential overhang units followed by two- to three-storey semi-detached (5%).

同时，2 至 3 层的排屋提供 5,889 个单位或 17% 的住宅悬挑单元，其次是 2 至 3 层的半独立式 (5%)。

It said Johor remained in the top three of the lists for the past few years mainly due to the excessive building of residential properties which outpaced demand for properties in Johor.

它表示，柔佛州在过去几年中仍位居前三名，主要是由于住宅物业的过度建设超过了柔佛州对物业的需求。

In a thematic report on 12 Aug, the research house said residential overhang units remain on the high side in 1QCY22, which would make property market to remain competitive and prompt property developers to offer attractive package to attract buyers.

该研究机构在8 月 12 日的一份主题报告中表示，22 年第一季度住宅悬挑单元仍处于高位，这将使房地产市场保持竞争力，并促使房地产开发商提供有吸引力的套餐以吸引买家。

“That may also make property developers unable to fully pass on the rising cost of construction to property buyers and bring margin compression of property developers.

“这也可能使房地产开发商无法将不断上涨的建筑成本完全转嫁给购房者，并给房地产开发商带来利润压缩。

“Our 'buy' calls for the sector are Mah Sing Group Bhd (buy; TP: RM0.74) and IOI Properties Group Bhd (buy; TP: RM1.29),” it said.

“我们对该行业的‘买入’评级是Mah Sing Group Bhd（买入；目标价：RM0.74）和 IOI Properties Group Bhd（买入；目标价：RM1.29），”它说。

MIDF said it likes Mah Sing for its strategy of focusing on affordable home segment.

MIDF 表示，它喜欢Mah Sing专注于经济适用房领域的战略。

“Mah Sing could benefit from i-MILIKI as Mah Sing is focusing on selling  properties priced within affordable price range and below RM500,000.

“Mah Sing可以从 i-MILIKI 中受益，因为Mah Sing集团专注于销售价格在可承受价格范围内且低于 500,000 令吉的物业。

“We are also positive on IOI Properties Group due to its undemanding valuation of trading at 73% to its NTA per share of RM3.60.

“我们也看好 IOI 产业集团，因为其每股 NTA 3.60 令吉的交易估值不高，为 73%。

“We see earnings outlook of IOI Properties Group to underpin by higher contribution from property investment and leisure and hospitality divisions following reopening of Malaysia’s economic activity,” it said.

“我们认为 IOI Properties Group 的盈利前景将受到马来西亚经济活动重新开放后房地产投资以及休闲和酒店部门的更高贡献的支撑，”它说。