,Lagenda Properties' project in Teluk Intan. KUALA LUMPUR: AmInvestment Research initiated coverage on Lagenda Properties with a buy call and fair value of RM1.95 a share, based on a 20% discount to its realised net asset value. The research house said on Friday it had included a 3% premium to reflect its four-star ESG rating. “This compares with about a 40% discount to RNAV the market generally accords to affordable property developers of a similar size to take into account Lagenda’s defensive customer profile of public servants and a strong management team, ” it said in its research note. Lagenda is a Perak-based property developer that focuses on low-cost/affordable housing in self-sustaining townships. With a price range of RM150,000 to RM200,000 a unit, the properties are targeted at the B40 and M40 income groups. These properties constitute the affordable segment, which is the bright spot amidst the unexciting local property market. Lagenda’s townships have a niche market, that is civil servants (who make up close of 80% of all buyers) with stable incomes/strong job security that are less susceptible to economic cycles. The high civil servant population in these locations is attributed to the presence of the home base of the Royal Malaysian Navy and other government institutions and public/private universities in their vicinities. “The group's strong management team has enabled Lagenda to consistently acquire land at good prices, keep the construction cost low and effect fast turnaround due to its extensive network and strong working relationships with various authorities. “At about 35% discount to its RNAV, we believe Lagenda offers a good proxy to the resilient affordable housing segment, a defensive public servant customer profile and a highly business-savvy management team, ” AmInvest Research said.
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