KUALA LUMPUR: Property stocks have been among the hardest hit from the recent sell-off in equities, reflecting a waning optimism in the sector.

The KL Stock Exchange Property Index, which serves as a benchmark for the sector, fell to its lowest point since July 2010 last Friday. It closed at 833.8 points, a stunning week-on-week loss of 13%.

S P Setia Bhd (Sept 23, RM3.08)
Maintain buy at RM3.19 with fair value of RM5.41: We reaffirm our "buy" rating on S P Setia with our fair value unchanged at RM5.41, at par to its fully-diluted NAV estimate.

Eversendai Corp Bhd (Sept 23, RM1.55)
Maintain buy at RM1.58 with target price of RM2.17: Amid the global recession fears, Eversendai secured three new jobs, worth a total of RM371 million in India and the Middle East. No change to our earnings forecasts as we have imputed job win potential in our model.

WCT Bhd (Sept 23, RM2)

Drawing medical tourists

The Tiong Nam name is associated with logistics. After all, Tiong Nam Logistics Holdings Bhd (TNLH) has been in business since 1972 and steadily extending its operations into new locations and industries.

Centaline Property, one of the largest property agencies in Hong Kong, began eyeing the Singapore market a decade ago. The firm even registered its business in the city-state back then.

Sellers have begun cutting their asking prices for Hong Kong properties in response to growing uncertainty over the global economic outlook. This creates new opportunities for buyers who until now have been priced out of home ownership.

KUALA LUMPUR: S P Setia Bhd is expanding its landbank in Australia with an investment of RM81 million for its second property project in Melbourne with an estimated gross development value of A$250 million (RM772 million).

WASHINGTON, DC: Nationwide housing starts in the US declined 5% to a seasonally adjusted annual rate of 571,000 units in August, according to figures released by the US Commerce Department on Sept 20.