Maintaining 2011 KLCI fair value at 1648pts. In our 14 Oct report, we had raised our PER multiple for 2011 KLCI from 15x to 16x, which bumps up our KLCI fair value to 1648 pts. We continue to think this fair value is achievable ahead of the general election. The stocks to look out for in line with the election theme are Sarawakian construction players Naim Holdings (BUY, TP: RM5.10), Hock Seng Lee (BUY, TP: RM1.92) as well as peninsula-based companies Gamuda (TRADING BUY, TP: RM4.31), AZRB (BUY, TP: RM1.45) and Sunway (BUY, TP: RM2.52). For property, our key buys are SP Setia (BUY, TP: RM6.38), Bandar Raya Developments (BUY, TP: RM3.06) and Sunrise (BUY, TP: RM4.62). On the O&G side, our Top Buy is Kencana Petroleum (BUY, TP: RM2.06).
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