Stock Name: SPSETIA
Company Name: SP SETIA BHD
Research House: OSK
SP Setia proposed yesterday to acquire a piece of land measuring about 1.07 acresin Melbourne's Central Business District (Australia) for A$30 million.
The acquisition is expected to be completed in finnacial year 2010 and will be the company first venture into Australia.
Notwithstanding the fact that OSK is positive on the proposed land acquisition (based on the choice location), the company's near-term valuation remains rather lofty for now.
"As such, we maintain our 'take profit' call based on a current year 2010 with a target price of RM3.59." - Reuters
Company Name: SP SETIA BHD
Research House: OSK
SP Setia proposed yesterday to acquire a piece of land measuring about 1.07 acresin Melbourne's Central Business District (Australia) for A$30 million.
The acquisition is expected to be completed in finnacial year 2010 and will be the company first venture into Australia.
Notwithstanding the fact that OSK is positive on the proposed land acquisition (based on the choice location), the company's near-term valuation remains rather lofty for now.
"As such, we maintain our 'take profit' call based on a current year 2010 with a target price of RM3.59." - Reuters
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