Stock Name: SPSETIA
Company Name: SP SETIA BHD
Research House: RHB
KUALA LUMPUR: RHB Research is maintaining its Outperform recommendation on SP Setia but due to the prevailing weakening equity market sentiment, it is taking a more prudent valuation.
It said on Thursday,, March 3 that it had lowered its fair value to RM7.30 based on a 15% premium to RNAV (from RM7.39 based on 30x CY11 PE).
'The upcoming private placement exercise should lend some support to the share price,' RHB Research said.
SP Setia acquired approximately 268.11 acres of freehold land in Cyberjaya from Cyberjaya's master developer, Setia Haruman Sdn Bhd for a total of RM420.4 million.
SP Setia's president and CEO, Tan Sri Liew Kee Sin said the land would be developed by Setia Eco Villa, a joint venture company between SP Setia (70%) and Setia Haruman (30%) into a mixed development with an expected gross development value (GDV) of RM3 billion.
The project to be known as Setia Eco Glades is expected to commence in FY2012 pending approvals and is expected to take about six years.
Company Name: SP SETIA BHD
Research House: RHB
KUALA LUMPUR: RHB Research is maintaining its Outperform recommendation on SP Setia but due to the prevailing weakening equity market sentiment, it is taking a more prudent valuation.
It said on Thursday,, March 3 that it had lowered its fair value to RM7.30 based on a 15% premium to RNAV (from RM7.39 based on 30x CY11 PE).
'The upcoming private placement exercise should lend some support to the share price,' RHB Research said.
SP Setia acquired approximately 268.11 acres of freehold land in Cyberjaya from Cyberjaya's master developer, Setia Haruman Sdn Bhd for a total of RM420.4 million.
SP Setia's president and CEO, Tan Sri Liew Kee Sin said the land would be developed by Setia Eco Villa, a joint venture company between SP Setia (70%) and Setia Haruman (30%) into a mixed development with an expected gross development value (GDV) of RM3 billion.
The project to be known as Setia Eco Glades is expected to commence in FY2012 pending approvals and is expected to take about six years.
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