SP Setia registered 4QFY19 net profit of RM70.1m (-26.8% YoY, -35.6% QoQ) which was within our and consensus expectations. For FY19, the Group’s net profit (excluding 4Q foreign exchange losses of RM29.6m came in at RM373.3m, which constituted c.95% and c.104% of our and consensus full year estimates. The Group saw its new sales spike in 4QFY19 after clinching RM1.49bn sales, with RM675m coming from the Home Ownership Campaign alone. With the encouraging numbers, the Group achieved total yearly sales of RM4.56bn, hitting the RM4.55bn sales target of FY2019 despite a challenging year. Unbilled sales were up marginally to RM10.67bn from RM10.52bn a quarter ago. All told, our FY20-21 earnings estimates are adjusted downwards by -22%/-5% on change in billing and margin assumptions. The Group declared a dividend of 1sen which was lower than expected, which we understand is part of the Group’s strategy in conserving capital to strengthen its balance sheet. Maintain Outperform with fair value of RM2.00 (c.60% discount to RNAV).
Source: PublicInvest Research - 27 Feb 2020
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SPSETIACreated by PublicInvest | Aug 12, 2024
RainT
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2020-04-16 15:25