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M & A Securities maintains Buy on S P Setia, fair value RM4.42

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M & A Securities maintains Buy on S P Setia, fair value RM4.42 Empty M & A Securities maintains Buy on S P Setia, fair value RM4.42

Post by Cals Fri 28 Jun 2013, 09:24

M & A Securities maintains Buy on S P Setia, fair value RM4.42
Business & Markets 2013
Written by theedgemalaysia.com   
Friday, 28 June 2013 08:35

KUALA LUMPUR (June 28): M & A Securities Research has maintained its Buy rating on S P Setia Bhd with a fair value of RM4.42 after the company recorded a net profit of RM95.8 million for its second quarter ended April 30, 2013 (FY13), 3.6% higher than the RM92.4 million posted in the previous corresponding quarter.

Citing S P Setia’s filing with Bursa Malaysia on Thursday, the research house said that the company clarified that the increase was mainly due to the change in product mix, with a larger percentage of profits now contributed by sales of high rise developments as compared to landed properties in the previous year.

“We reiterate our Buy call on S P Setia with unchanged Fair Value RM4.42 based on target P/E multiple of 17x,” it said in a note Friday.
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