Acquisition inked; EPF features as a new partner. The Malaysian consortium has finally inked the acquisition of 39 acres of freehold land in Battersea, London. EPF has emerged as the third partner with a 20% equity stake (SP Setia [SPSB] 40%; Sime Darby 40%). The consortium is a win-win partnership, we believe, with financial strength and track record. Though there are challenges, we view this as long-term positive for SPSB and Sime. We retain our forecasts and HOLD calls on SPSB and Sime with earnings to feature beyond our forecast periods.

Click here for full report

Source: Maybank Research - 6 July 2012