KUALA LUMPUR (Jan 19): Maybank Investment Bank Bhd (Maybank IB) has maintained its tactical positive call on the property sector, as it believes the worst is over for the sector.
It said sales of houses might have hit rock bottom already, thus it should improve year-on-year in 2021.
Being an under-owned sector with short-term positive catalysts, Maybank IB believes property stocks may surprise investors on the upside in 2021. Moreover, we think the current rock-bottom valuations of property stocks (0.4 times/0.3 times price-to-book value/price-to-revalued net asset value) should have more than priced in the negatives (oversupply), it said in a research note today.