Property Sector - 2nd wave?

When it comes to property, most of the investors normally will look at counters like IJM, GAMUDA, SP SETIA and probably UEM WORLD which is in the limelight and gem for punters as the most likely to profit from 9MP particularly the IDR. Some financial analysts even came up with a TP of $8.90-$11.00 for UEM WORLD... Ridiculous you think?...Well, it's not impossible at all provided the IDR was rollout in a very 'effective' and careful manner.

On anticipation that the Government may abolish the RPGT at the Invest Malaysia conference tomorrow will further fuel the interest for property counters... I personally think to some extend the government should amend the RPGT to attract more participation of foreign investors to support the IDR...the outcome, we'll know in 3 days time....

One counter that is a favourite for punters but commands very little interest from retailers is MULPHA. This counter hit a high of $1.94 about a month ago and closed at $1.75 as of today's trading. From the TA perspective, this stock is currently sitting on it's psychological level and should it shoot past this level soon, it should break the $1.80 resistance level and settle above $2.00. Not forgeting that MULPHA has quite a piece of the pie in the IDR project too... In the long run, I place a target price of $3.10 taking into account the NTA of the stock and the potential super cycle from the IDR development.