Maintain OVERWEIGHT. We believe the biggest gainers from the current upcycle are the mid- to high-end developers, particularly those with focus in developing landed properties and also have significant exposure in high growth areas. As such, our top buys for the sector are UEM Land and SP Setia for mid- to large-cap property companies while Plenitude is our top pick for small cap companies. As we are reaching the final phase of the current upcycle in mid- to high-end residential properties, our top buys also include stocks like BRDB and Hunza Prop.
