Property stocks upgraded at CIMB Invt

Malaysia’s property industry was upgraded to “overweight” from “trading buy” at CIMB Investment Bank Bhd, which said real estate stocks are cheap and the sector’s fundamentals are improving “significantly.”

Eastern & Oriental Bhd, Hunza Properties Bhd, SP Setia Bhd. and United Malayan Land Bhd had their ratings raised to “outperform” from “trading buy,” CIMB said in a report today.

Hunza climbed 4.6 per cent to RM1.59, the highest level since August 14. SP Setia added 1.5 per cent to RM3.98. UEM Land Holdings Bhd gained 2.7 per cent to RM1.53.

By Bloomberg