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NewsAffin raises SP Setia to 'add' (8664)
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Affin raises SP Setia to 'add' (8664)
by hlk Thu 06 Sep 2012, 12:36
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
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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