KUALA LUMPUR: OSK Investment Research has maintained its take profit recommendation call on SP SETIA BHD [] at RM4.03 with a CY10 target price of RM3.59 and said the company's 1HFY10 annualised results came in 17% below expectation and 11% below consensus.

Although the pace of progress billings on its high unbilled sales continues to pick up, the research house on Friday, June 18 said it preferred to leave its earnings forecasts unchanged for now.

"1HFY10 year-on-year turnover and net profit improved significantly by 19% and 25% respectively on the back of much improved new property sales and higher progress billings.

"An interim dividend of six sen (an improvement from five sen in 2QFY09) has been declared for 2QFY10. Maintain take profit with a CY10 target price of RM3.59 based on 1.69 times CY10 P/NTA," it said.