AmInvestment Bank Bhd (AmInvestment Bank) is maintaining its neutral view on the property sector as the outlook remains challenging in the next 12 months.
“While most developers have achieved their new sales target, the numbers were lower year on year (y-o-y) whereby sales for the first nine months of 2020 were lower by about 22 per cent as compared with the previous year due to the lacklustre market and the impact of the Covid-19 pandemic.
“Hence, we do not expect to see surprises in earnings over the next 12 to 18 months,” it said in a sector review. “Instead, developers are more aggressive in clearing unsold units by offering discounts with the inventory level on a declining trend.
Media Title: Borneo Post (KK)
Date: 30 Dec 2020