Stock Name: SPSETIA
Company Name: SP SETIA BHD
TA Securities raised its target price for property developer SP Setia Bhd to 4.60 ringgit from 4.45 ringgit after taking into account the property developer's share of project from the development of Battersea Power Station site in London.
SP Setia and Sime Darby announced on Thursday they will each have a 40 percent stake of the recently acquired Battersea Project Holding Company Ltd with Malaysia's Employee Provident Fund taking the remaining.
"We like this development which comes with planning permission that allows immediate launch of project," the research house said in a note on Friday.
"Most importantly, we understand from management that this development will have no significant impact on SP Setia's operations in Malaysia and the emerging markets in term of new property launch and landbanking exercise," it added.
TA maintained 'buy' on the counter. By 1030am (0230 GMT), shares in SP Setia climbed 0.81 percent to 3.73 ringgit, outperforming the broader market's 0.07 percent rise.
Company Name: SP SETIA BHD
| Research House: TA | Price Call: BUY | Target Price: 4.60 |
TA Securities raised its target price for property developer SP Setia Bhd to 4.60 ringgit from 4.45 ringgit after taking into account the property developer's share of project from the development of Battersea Power Station site in London.
SP Setia and Sime Darby announced on Thursday they will each have a 40 percent stake of the recently acquired Battersea Project Holding Company Ltd with Malaysia's Employee Provident Fund taking the remaining.
"We like this development which comes with planning permission that allows immediate launch of project," the research house said in a note on Friday.
"Most importantly, we understand from management that this development will have no significant impact on SP Setia's operations in Malaysia and the emerging markets in term of new property launch and landbanking exercise," it added.
TA maintained 'buy' on the counter. By 1030am (0230 GMT), shares in SP Setia climbed 0.81 percent to 3.73 ringgit, outperforming the broader market's 0.07 percent rise.
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