S P Setia 1Q net profit up 62% to RM62m

UALA LUMPUR: S P Setia Bhd's net profit for the first quarter ended Jan 31, 2011 jumped 62% to 62.04 million from RM38.19 million a year ago, on the back of a 43% increase in revenue to RM518.88 million, due mainly from its property development activities in the Klang Valley, Johor Bahru and Penang.
It said on Thursday, March 17 earnings per share were 6.10 sen while net assets per share was RM2.22. The net profit for the period was arrived at after expensing about RM6 million for employee share options launched in May 2009.
S P Setia said the ongoing projects which contributed to the results included Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang.
Apart from property development, the group’s CONSTRUCTION [
registerQuotes("CONSTRUCTION", "CONSTRUCTION_span");
] and wood-based manufacturing activities also contributed to the earnings achieved, it said.
S P Setia said its sales for the first quarter of FY2011 totalled RM737 million and were its highest ever sales recorded in a single quarter.
“As at Feb 28, 2011, the group’s sales for the first four months of the financial year totalled RM953 million – another new record and a 25% increase from the corresponding period last year. The group is therefore well on-target to achieve and deliver its FY2011 sales target of RM3 billion,” it said.
On its prospects, the company said the KL EcoCity project (KLEC), with an estimated gross development value of RM6 billion, when launched later this year was expected to further contribute to its strong sales.
“Management is confident that the meticulous planning and preparatory steps taken so far will enable KLEC to fulfil its potential as a showcase development and act as a key catalyst that will transform and enable the group to sustain sales at a high level,” it said.
The company said it would also focus on finalising terms with the government for the land-swap deal involving the exchange of 40.22 acres of land in Bangsar for a modern new integrated health and research complex to be located on 55.33 acres of land in the Group’s flagship Setia Alam development.
S P Setia said that barring unforeseen external shocks, it was optimistic that its prospects remained positive in FY2011.

hlk wrote:UALA LUMPUR: S P Setia Bhd's net profit for the first quarter ended Jan 31, 2011 jumped 62% to 62.04 million from RM38.19 million a year ago, on the back of a 43% increase in revenue to RM518.88 million, due mainly from its property development activities in the Klang Valley, Johor Bahru and Penang.
It said on Thursday, March 17 earnings per share were 6.10 sen while net assets per share was RM2.22. The net profit for the period was arrived at after expensing about RM6 million for employee share options launched in May 2009.
S P Setia said the ongoing projects which contributed to the results included Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang.
Apart from property development, the group’s CONSTRUCTION [
registerQuotes("CONSTRUCTION", "CONSTRUCTION_span");
] and wood-based manufacturing activities also contributed to the earnings achieved, it said.
S P Setia said its sales for the first quarter of FY2011 totalled RM737 million and were its highest ever sales recorded in a single quarter.
“As at Feb 28, 2011, the group’s sales for the first four months of the financial year totalled RM953 million – another new record and a 25% increase from the corresponding period last year. The group is therefore well on-target to achieve and deliver its FY2011 sales target of RM3 billion,” it said.
On its prospects, the company said the KL EcoCity project (KLEC), with an estimated gross development value of RM6 billion, when launched later this year was expected to further contribute to its strong sales.
“Management is confident that the meticulous planning and preparatory steps taken so far will enable KLEC to fulfil its potential as a showcase development and act as a key catalyst that will transform and enable the group to sustain sales at a high level,” it said.
The company said it would also focus on finalising terms with the government for the land-swap deal involving the exchange of 40.22 acres of land in Bangsar for a modern new integrated health and research complex to be located on 55.33 acres of land in the Group’s flagship Setia Alam development.
S P Setia said that barring unforeseen external shocks, it was optimistic that its prospects remained positive in FY2011.

hlk, thanks for sharing. buy signal ah?

SP Setia a 'buy' at HwangDBS, OSK


Several research houses have maintained "buy" calls on SP Setia Bhd, reflecting its within-expectation first quarter 2011 results.

Both HwangDBS Vickers Research and OSK Research today left their target prices unchanged at RM7.90 and RM7.23 respectively.

"SP Setia is in a good position to win more land deals given its strong execution track record and solid balance sheet which is set to be enhanced further by a RM1 billion placement," HwangDBS Vickers said in its note today.

OSK Research said SP Setia was set for an impressive showing this year, driven by unbilled sales of more than RM2.2 billion and new launches.

ECMLibra Research, meanwhile, maintained its "hold" recommendation on SP Setia and said RM6.00 would be its fair value.

"Although we expect more landbank acquisitions but we believe this has been priced-in and the impending 15 per cent private placement may cap further upside in the near-term," ECMLibra added. -- Bernama

Maybank Raises SP Setia Target To MYR7.20


STOCK CALL: Maybank IB Research raises SP Setia's (8664.KU) target slightly to MYR7.20 from MYR7.15, and keeps its Buy call on the stock after the property developer posts a 62% on-year rise in 1Q FY11 normalized net profit of MYR62 million, within market expectations. It says sales momentum remained strong with MYR953 million recorded in the first four months of FY11 (32% of SP Setia's MYR3 billion FY11 sales target), lifting unbilled sales to MYR2.1 billion (or 1.1X of the house's forecast). Maybank upgrades its FY12-FY13 earnings forecast by 2.0%-4.0% to factor in changes in take-up & launch assumptions for the flagship MYR6 billion KL Eco City project. The stock is up 0.2% at MYR6.08

sun wrote:

hlk wrote:UALA LUMPUR: S P Setia Bhd's net profit for the first quarter ended Jan 31, 2011 jumped 62% to 62.04 million from RM38.19 million a year ago, on the back of a 43% increase in revenue to RM518.88 million, due mainly from its property development activities in the Klang Valley, Johor Bahru and Penang.
It said on Thursday, March 17 earnings per share were 6.10 sen while net assets per share was RM2.22. The net profit for the period was arrived at after expensing about RM6 million for employee share options launched in May 2009.
S P Setia said the ongoing projects which contributed to the results included Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang.
Apart from property development, the group’s CONSTRUCTION [
registerQuotes("CONSTRUCTION", "CONSTRUCTION_span");
] and wood-based manufacturing activities also contributed to the earnings achieved, it said.
S P Setia said its sales for the first quarter of FY2011 totalled RM737 million and were its highest ever sales recorded in a single quarter.
“As at Feb 28, 2011, the group’s sales for the first four months of the financial year totalled RM953 million – another new record and a 25% increase from the corresponding period last year. The group is therefore well on-target to achieve and deliver its FY2011 sales target of RM3 billion,” it said.
On its prospects, the company said the KL EcoCity project (KLEC), with an estimated gross development value of RM6 billion, when launched later this year was expected to further contribute to its strong sales.
“Management is confident that the meticulous planning and preparatory steps taken so far will enable KLEC to fulfil its potential as a showcase development and act as a key catalyst that will transform and enable the group to sustain sales at a high level,” it said.
The company said it would also focus on finalising terms with the government for the land-swap deal involving the exchange of 40.22 acres of land in Bangsar for a modern new integrated health and research complex to be located on 55.33 acres of land in the Group’s flagship Setia Alam development.
S P Setia said that barring unforeseen external shocks, it was optimistic that its prospects remained positive in FY2011.

hlk, thanks for sharing. buy signal ah?

[You must be registered and logged in to see this image.] pt

hlk wrote:

sun wrote:

hlk wrote:UALA LUMPUR: S P Setia Bhd's net profit for the first quarter ended Jan 31, 2011 jumped 62% to 62.04 million from RM38.19 million a year ago, on the back of a 43% increase in revenue to RM518.88 million, due mainly from its property development activities in the Klang Valley, Johor Bahru and Penang.
It said on Thursday, March 17 earnings per share were 6.10 sen while net assets per share was RM2.22. The net profit for the period was arrived at after expensing about RM6 million for employee share options launched in May 2009.
S P Setia said the ongoing projects which contributed to the results included Setia Alam and Setia Eco-Park at Shah Alam, Setia Walk at Pusat Bandar Puchong, Setia Sky Residences at Jalan Tun Razak, Bukit Indah, Setia Indah, Setia Tropika and Setia Eco Gardens in Johor Bahru, Setia Pearl Island and Setia Vista in Penang.
Apart from property development, the group’s CONSTRUCTION [
registerQuotes("CONSTRUCTION", "CONSTRUCTION_span");
] and wood-based manufacturing activities also contributed to the earnings achieved, it said.
S P Setia said its sales for the first quarter of FY2011 totalled RM737 million and were its highest ever sales recorded in a single quarter.
“As at Feb 28, 2011, the group’s sales for the first four months of the financial year totalled RM953 million – another new record and a 25% increase from the corresponding period last year. The group is therefore well on-target to achieve and deliver its FY2011 sales target of RM3 billion,” it said.
On its prospects, the company said the KL EcoCity project (KLEC), with an estimated gross development value of RM6 billion, when launched later this year was expected to further contribute to its strong sales.
“Management is confident that the meticulous planning and preparatory steps taken so far will enable KLEC to fulfil its potential as a showcase development and act as a key catalyst that will transform and enable the group to sustain sales at a high level,” it said.
The company said it would also focus on finalising terms with the government for the land-swap deal involving the exchange of 40.22 acres of land in Bangsar for a modern new integrated health and research complex to be located on 55.33 acres of land in the Group’s flagship Setia Alam development.
S P Setia said that barring unforeseen external shocks, it was optimistic that its prospects remained positive in FY2011.

hlk, thanks for sharing. buy signal ah?

[You must be registered and logged in to see this image.] pt

ops.. ic, thx [You must be registered and logged in to see this image.]

aiyo while chatting, spsetia also do magic closed on day high....6.14... [You must be registered and logged in to see this image.]

hlk wrote:aiyo while chatting, spsetia also do magic closed on day high....6.14... [You must be registered and logged in to see this image.]

hehehe.. hlk seldom chat de, u always quiet, really u join us more often [You must be registered and logged in to see this image.]

hlk wrote:[You must be registered and logged in to see this image.]

ystd on leave [You must be registered and logged in to see this image.]

sp setia heavy profit taking hmm?
or the price already factored in the good result?

[You must be registered and logged in to see this image.]....possible...

its ok
since we're not into mother share investment