KUALA LUMPUR: S P Setia Bhd shares advanced in early trade on Friday, June 10 after the company declared an interim gross dividend of 5 sen per share, and said it was confident of meeting its RM3 billion sales target this year.
The company has so far recorded sales of RM1.66 billion in the first seven months of the year.
Its net profit for the second quarter ended April 30, 2011 surged 80% to RM92.22 million from RM51.21 million a year earlier, due including to gain from the disposal of an investment property.
Revenue for the quarter rose to RM496.75 million from RM409.07 million a year earlier. Earnings per share were 5.55 sen while net assets per share was RM1.78.
CIMB Research has maintained its Outperform recommendation on the stock and target price of RM5.37 based on an unchanged 30% premium over its FD RNAV of RM4.13.
'Potential re-rating catalysts include 1) continued robust sales, 2) newsflow on landbanking and 3) strong earnings growth. SP Setia remains a core holding in the property sector,' it said in a note June 10.
The company has so far recorded sales of RM1.66 billion in the first seven months of the year.
Its net profit for the second quarter ended April 30, 2011 surged 80% to RM92.22 million from RM51.21 million a year earlier, due including to gain from the disposal of an investment property.
Revenue for the quarter rose to RM496.75 million from RM409.07 million a year earlier. Earnings per share were 5.55 sen while net assets per share was RM1.78.
CIMB Research has maintained its Outperform recommendation on the stock and target price of RM5.37 based on an unchanged 30% premium over its FD RNAV of RM4.13.
'Potential re-rating catalysts include 1) continued robust sales, 2) newsflow on landbanking and 3) strong earnings growth. SP Setia remains a core holding in the property sector,' it said in a note June 10.
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