Stock Name: SPSETIA
Company Name: SP SETIA BHD
Affin Investment Bank upgraded SP Setia Bhd to 'trading buy' from 'add', citing higher annual property sales going forward in view of the company's strong year-to-date sales and improved property market sentiment post election.
The research house also raised its target price on the shares of the company to RM4.14 from RM3.35.
"We view SP Setia as an attractive laggard play," the research house said in a note on Friday.
"Its share price has grossly underperformed peers despite its commendable, record year to date property sales."
Moving forward, Affin said it believes investors will shift their focus from the likely retirement of SP Setia's chief executive Liew Kee Sin to the company's strong fundamentals.
Shares of the company rose 0.3 per cent to RM3.39, underpeforming the KL property benchmark index's 1.28 per cent rise.-- Reuters
Company Name: SP SETIA BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 4.14 |
Affin Investment Bank upgraded SP Setia Bhd to 'trading buy' from 'add', citing higher annual property sales going forward in view of the company's strong year-to-date sales and improved property market sentiment post election.
The research house also raised its target price on the shares of the company to RM4.14 from RM3.35.
"We view SP Setia as an attractive laggard play," the research house said in a note on Friday.
"Its share price has grossly underperformed peers despite its commendable, record year to date property sales."
Moving forward, Affin said it believes investors will shift their focus from the likely retirement of SP Setia's chief executive Liew Kee Sin to the company's strong fundamentals.
Shares of the company rose 0.3 per cent to RM3.39, underpeforming the KL property benchmark index's 1.28 per cent rise.-- Reuters
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