Bursa Malaysia Stock Watch
SP Setia (HOLD) - 1QFY12 net profit rose 20.9% yoy
kltrader
Publish date: Fri, 23 Mar 2012, 10:11 AM
kltrader
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SP Setia (HOLD)
- SP Setia's 1QFY12 net profit rose 20.9% yoy, but declined 11.0% qoq toRM74.0m, making up only 17.5% and 20.7% of HLIB and consensus estimatesrespectively. This was due to slower work progress in the festive period,and should strengthen from 2Q onwards.
- As of 29th February 2012, cumulative sales for four months stood atRM1.23bn, implying run-rate of RM3.7bn. We re-iterate our view thattheir RM4.0bn sales target for this year remains achievable
- Tan Sri Liew issued a joint statement with PNB to reassure the publicthat they will seek to restore the public shareholding spread back to 25%, butdid not provide further details.
- Maintain HOLD and target price of RM3.95, which is the offerprice.
Source: HLIB Research 23 March 2012
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