KUALA LUMPUR: OSK Research said SP SETIA BHD []'s FY10 core earnings came in 10% above its estimates but within consensus numbers.
It said on Friday, Dec 10 that SP Setia's FY10 turnover and core net profit, after stripping out an estimated exceptional gain of RM44 million'' from the disposal of property,, improved by 24% (+35% q-o-q) and 28% (+47% q-o-q) respectively. New property sales in FY10 totaled RM2.3 billion while unbilled sales stood at RM1.8 billion.
'Although we are leaving our earnings forecast largely unchanged for now, some changes to the balance sheet items prompt us to adjust our CY11 target price to RM6.58 (from RM6.38), based on 2.8x CY11 P/NTA. SP Setia remains our top sector BUY,' it said.
It said on Friday, Dec 10 that SP Setia's FY10 turnover and core net profit, after stripping out an estimated exceptional gain of RM44 million'' from the disposal of property,, improved by 24% (+35% q-o-q) and 28% (+47% q-o-q) respectively. New property sales in FY10 totaled RM2.3 billion while unbilled sales stood at RM1.8 billion.
'Although we are leaving our earnings forecast largely unchanged for now, some changes to the balance sheet items prompt us to adjust our CY11 target price to RM6.58 (from RM6.38), based on 2.8x CY11 P/NTA. SP Setia remains our top sector BUY,' it said.
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