SP Setia registered 3QFY20 net loss of RM263.4m ( >-600% Yoy, -127.5% QoQ) primarily due to impairments for Battersea Power Station (BPS) in view of 1) potential delays of work in progress and 2) inventories under development (Phase 2 and Phase 3a) amid the Covid-19 pandemic. The results minus the write-down is estimated at a net loss of RM40.5m, which is still below our and consensus full year estimates. That said, we understand that there is possibility that the impairments could be reversed should the situation improve over time. YTD revenue declined 33% YoY as construction progress stalled during the movement control order (MCO) period in 2Q20. Sequentially, 3Q20 revenue more than doubled however as sites reopened post-MCO. Unbilled sales as at end-Sep 2020 stood at RM9.8bn. FY20 net profit estimate is cut by 288% to reflect the BPS impairments. We maintain our Neutral call with fair value of RM0.95 (c.75% discount to RNAV).
Source: PublicInvest Research - 16 Nov 2020
Chart | Stock Name | Last | Change | Volume |
---|
2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-16
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-15
SPSETIA2024-08-14
SPSETIA2024-08-13
SPSETIA2024-08-13
SPSETIA2024-08-12
SPSETIA2024-08-12
SPSETIA2024-08-12
SPSETIA2024-08-09
SPSETIA2024-08-09
SPSETIA2024-08-09
SPSETIA2024-08-08
SPSETIA2024-08-08
SPSETIA2024-08-08
SPSETIA2024-08-07
SPSETIA2024-08-07
SPSETIA2024-08-07
SPSETIA2024-08-07
SPSETIA2024-08-07
SPSETIA2024-08-07
SPSETIA2024-08-06
SPSETIACreated by PublicInvest | Aug 12, 2024
RainT
READ
2020-11-18 18:12