Company Note � Titijaya Land (Not rated)

Top Calls

Company Note � Titijaya Land (Not rated) - Strategic alliance niche Titijaya Land (TTJ) is a property developer with landbank in Klang Valley and Penang. Its competitive advantage is being able to acquire strategic landbank through joint ventures and land swap arrangements with government agencies. Low land-holding costs and flexibility on project rollouts led to a net profit margin of 18% in 9MFY16. The stock�s annualised FY16E PER of 7.5x is at a discount to the property sector weighted-average CY16E PER of 12x.

Other Calls

Economy � US Economy � Monetary Policy - No surprises in FOMC decision, rate kept at 0.25-0.50%

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