マレーシア 地元シンクタンクが不動産セクターを買いから中立へ格下げ

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引用記事によれば、マレーシアのシンクタンクだと思うんですが、Kenaga Researchというところが、マレーシアの不動産開発セクターをオーバーウェートから中立に投資判断を引き下げたそうです。

理由は２０１３年の予算に関することとのことで、２０１３年の予算では、高騰する不動産価格を抑える政策が導入されるリスクがあるとこのシンクタンクは指摘しています。また、同社は印紙税が不動産取引を抑えることを懸念しています。

とはいえ、十分な流動性と低いローン金利で、市場の見通しは健全だと締めくくっています。



Malaysian property sector down to ‘neutral': Kenanga Research

From an ‘overweight' rating, Kenanga Research has now downgraded Malaysia's property development sector to ‘neutral' due to the possible worse-than-expected Budget 2013 risks, according to a report by The Star.

The research unit cited several news reports indicating that the country's Budget for 2013 would include measures to curb the rising property prices, including tougher fiscal policies to deter speculation.

Kenanga Research fears that there would be an increase in the buyers' stamp duties which would have immediate effect on the property market.

"However, across the board hikes in buyers' stamp duty is unlikely as this will also hurt the first-time home owners' market, unless the stamp duty hikes are tiered by pricings and first home-ownership status."

Nonetheless, the research house believes than an increase in the real property gains tax (RPGT) is likelier.

"But RPGT hikes will have less physical impact on developers as the heftiest hike tends to be during the first two to three years holding period, which fell under the construction period," noted Kenanga Research.

If the government implements such restrictive measures, the authorities could at least offset their negative impact on developers by reviewing the low-cost housing quota and providing an automatic release mechanism for bumiputra units, added the research unit.

Furthermore, prices of public listed property developers could be impacted if such restrictive measures are implemented. Nonetheless, the property market's outlook is still healthy due to ample liquidity and low mortgage rates.

"Even then, we still expect the physical market to continue in its current momentum given a liquid banking sector and attractive rates," added Kenanga Research.


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