Land & General (L&G) – we are re-looking it with a buy call with TP at RM 0.80

With recent sustained profitable quarters with a EPS above 12 cents. This give a PE less than 5 times at the moment and NTAB above RM 0.70. Macro view on local industry does not favour a super charge on property industry perhaps even more curbs from government is expected.

However, with project on hands and a few new launches in next 12 months. We believe L&G can continue create sustain stable revenues and profits in 2014 and 2015. Thus, we reiterate also a buy call on L&G with a min target price at RM 0.80. Gradual accumulation is recommended with modest investment ratio only.