Stock Name: SPSETIA
Company Name: SP SETIA BHD
Affin Investment Bank upgraded SP Setia Bhd to 'add' from 'reduce' and raised the stock's target price to RM3.82 from RM3.60.
SP Setia's valuations are "reasonably attractive" as the stock hasn't performed as well as its peers and Malaysia's benchmark composite stock index, Affin said in a research note on Thursday.
Additionally, Affin views the developer's purchase of London's Battersea power plant positively and is optimistic on the take-up rates for the first part of the project which involves property development.
"At a selling price of 900 pounds per square feet, we believe that the apartments are likely to achieve a decent take-up rate," Affin said but noted that the project will only contribute to SP Setia's bottom line upon completion and delivery of the properties in 2016.
At 9.25am, SP Setia was unchanged at RM3.56 while the benchmark composite index was down 0.44 per cent at 1,634.02. - Reuters
Company Name: SP SETIA BHD
| Research House: AFFIN | Price Call: TRADING BUY | Target Price: 3.82 |
Affin Investment Bank upgraded SP Setia Bhd to 'add' from 'reduce' and raised the stock's target price to RM3.82 from RM3.60.
SP Setia's valuations are "reasonably attractive" as the stock hasn't performed as well as its peers and Malaysia's benchmark composite stock index, Affin said in a research note on Thursday.
Additionally, Affin views the developer's purchase of London's Battersea power plant positively and is optimistic on the take-up rates for the first part of the project which involves property development.
"At a selling price of 900 pounds per square feet, we believe that the apartments are likely to achieve a decent take-up rate," Affin said but noted that the project will only contribute to SP Setia's bottom line upon completion and delivery of the properties in 2016.
At 9.25am, SP Setia was unchanged at RM3.56 while the benchmark composite index was down 0.44 per cent at 1,634.02. - Reuters
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