KUALA LUMPUR (Dec 9): RHB Research Institute said S P Setia’s FY11 results were within expectations.
It said on Friday the group’s property sales exceeded target by almost 10% to RM3.29 billion for FY11.
“We believe SP Setia’s sales target of RM4 billion for FY12 has already taken into account a 15%-25% decline in sales of existing projects (excluding Eco City).
RHB Research said however, given RM3 billion worth of new launches next year, S P Setia would still be able to achieve the target safely.
“Our fair value is kept at RM3.90 (that is Permodalan Nasional Bhd’s takeover offer price). Maintain Market Perform,” it said.
It said on Friday the group’s property sales exceeded target by almost 10% to RM3.29 billion for FY11.
“We believe SP Setia’s sales target of RM4 billion for FY12 has already taken into account a 15%-25% decline in sales of existing projects (excluding Eco City).
RHB Research said however, given RM3 billion worth of new launches next year, S P Setia would still be able to achieve the target safely.
“Our fair value is kept at RM3.90 (that is Permodalan Nasional Bhd’s takeover offer price). Maintain Market Perform,” it said.
