Property 1Q22 report card: A mixed bag* 1Q22 results came in | HLeBroking

Property

1Q22 report card: A mixed bag*
1Q22 results came in mixed with 2 earnings beat, 3 in line and 3 below. Sector profit declined -25.1% QoQ and flattish at +1.8% YoY. Key issues we highlight for 1Q22 are (i) labour shortage in construction impacting progress billings; and (ii) end of HOC negatively impacting SP Setia and UEMS with exposure in the mid-to-high range properties, while benefitting Mah Sing with exposure in the affordable range properties. Overall, we believe the sector is still on a recovery trajectory, while challenges such as labour shortage, rising construction cost, supply chain disruption and interest rate hikes pose key downside risks. Maintain NEUTRAL with top picks Sunway, Mah Sing and Matrix.

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產業股

产业股22 年 第1 季度的业绩表现中，2 个高于预期收益、3 个符合预期和 3 个低于预期。 行业利润QoQ下降-25.1%，YoY持平至+1.8%。 我们在 22 年第一季度注意到 (i) 劳动力短缺将影响进度计费； (ii) HOC 的结束对 SP Setia 和 UEMS 的中高端物业产生负面影响，同时马星将受益。 总体而言，我们认为该行业仍处于复苏轨道，而劳动力短缺、建筑成本上升、供应链中断和加息等挑战构成主要下行风险。 维持中和，首选为Sunway、Mahsing和 Matrix。

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