Despite being one of the leading developers in Malaysia with more than 15 ongoing development projects, ECW is subject to only moderate ESG risks thanks to its continuous efforts in establishing policies to prevent and mitigate ESG risks. Its geographical exposure to just Malaysia also helps limit ECW’s ESG concerns relative to peers. We maintain our earnings forecasts and MYR0.93 TP (on an unchanged 0.6x FY22 PBV). Reiterate HOLD. SPSB and ECW are our preferred picks for the property sector.