SP Setia; Hold; RM3.09
Price target: RM3.50; SPSB MK
Record sales

Results in line; earnings visibility from record unbilled sales. RM8.2b property sales 50% above target; more cautious outlook after recent tightening measures. Maintain HOLD rating and SOP-based TP of RM3.50.

TA Enterprise; Buy; RM0.77
Price target: RM1.00; TAE MK
Lifted by lower taxes

Net profit was lifted by lower taxes and MI. EBIT was within our expectation. Hotel business continued to drive earnings. Property and stockbroking income remained soft. Maintain BUY and RM1.00 TP.

Source: HwangDBS Research - 13 Dec 2013