HwangDBS Vickers Research is maintaining a 'buy'" rating on SP Setia Bhd with a target price of RM5.10 following the launch of the recent development project in London.
In a note today, the research house said the rating was based on 10 per cent Revalued Net Asset Value (RNVA).
As at 4.20pm, the stock fell eight sen to RM3.70 with 894,000 shares traded.
SP Setia's RM40 billion Battersea development will be a game-changer, potentially doubling its earning and boost RNVA by more than 15 per cent, HwangDBS said.
The research house viewed this project positively given the strategic location, low entry cost, ready approval and favourable interest rate as well as forex environment. Bernama