Bursa Malaysia Stock Watch

SP Setia: Maintain Hold - On track

kltrader
Publish date: Fri, 23 Mar 2012, 09:00 AM
kltrader
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Results in line. SPSB's 1QFY12 results came in as expected. Despite its stunning RM1.2b sales performance in 4MFY12, the stock's low liquidity (11% free float) post the joint takeover offer by its major shareholders may cap near-term share price upside. We maintain our earnings forecasts. Our Hold call is premised on an unchanged RM3.93 target price, in turn a 10% discount to our RM4.36 RNAV estimate.

Maybank Research 23 March 2012

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