Friday, December 9, 2011

RHB Research maintains market perform on S P Setia, FV RM3.90

KUALA LUMPUR (Dec 9): RHB Research Institute said S P Setia's FY11 results were within expectations.

It said on Friday the group's property sales exceeded target by almost 10% to RM3.29 billion for FY11.

'We believe SP Setia's sales target of RM4 billion for FY12 has already taken into account a 15%-25% decline in sales of existing projects (excluding Eco City).

RHB Research said however, given RM3 billion worth of new launches next year, S P Setia would still be able to achieve the target safely.

'Our fair value is kept at RM3.90 (that is Permodalan Nasional Bhd's takeover offer price). Maintain Market Perform,' it said.

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