Bursa Malaysia Stock Watch

SP Setia: Maintain Hold - Earnings Uptrend Continues

kltrader
Publish date: Fri, 22 Jun 2012, 09:22 AM
kltrader
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Maintain HOLD. SPSB's1HFY10/12 net profit came in as expected. The company is on track to meet its MYR4b sales target, with YTD locked-in sales of MYR2.1b. Unbilled sales remain healthy at MYR3.4b (1.1x our FY10/13 forecast). We adjust our FY10/12-14 earnings forecasts by -2.7% to +7.5% and TP by +10sen to MYR4.10 (10% discount to RNAV of MYR4.56). Surprises could come from its potential involvement in government land development.

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Source: Maybank Research - 22 June 2012
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