Stock Name: SPSETIA
Company Name: SP SETIA BHD
Company Name: SP SETIA BHD
| Research House: CIMB | Price Call: TRADING BUY | Target Price: 4.30 |
Target RM4.30
As 1Q is seasonally the weakest quarter, the results were broadly in line even though net profit made up 19% of our full-year forecast and 20% of consensus numbers. SP Setia is on track to meet its RM4bn new sales target as annualised 1Q new sales made up 93% of the target. We have tweaked our EPS forecasts for housekeeping purposes. We maintain our Trading Buy call and valuation basis of parity with RNAV. The recent completion of the offer exercise by major shareholder PNB and SP Setia's CEO should remove any share overhang.
As 1Q is seasonally the weakest quarter, the results were broadly in line even though net profit made up 19% of our full-year forecast and 20% of consensus numbers. SP Setia is on track to meet its RM4bn new sales target as annualised 1Q new sales made up 93% of the target. We have tweaked our EPS forecasts for housekeeping purposes. We maintain our Trading Buy call and valuation basis of parity with RNAV. The recent completion of the offer exercise by major shareholder PNB and SP Setia's CEO should remove any share overhang.
No comments:
Post a Comment