SP setia target price raised to RM4.60 (8664)

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.