Analysts mixed on SP Setia’s prospects after unimpressive Q1 results FMTNews FMTBusiness
SP Setia’s property sales of RM1.03 billion for the first three months of 2023 were in line with estimates, said Maybank Investment Bank.
The bank upgraded SPSB to ‘buy’ for its “undemanding valuation” with an unchanged target price of 70 sen.RHB Investment Bank analyst Loong Kok Wen expects sales and construction work to pick up more materially in the second half of the year. Meanwhile, Kenanga Investment Bank Bhd analyst Lum Joe Shen was more sceptical, adding he remains concerned over SPSB’s high debt.
“We doubt whether the lofty aim is a realistic target amidst the challenging backdrop. Recall, in FY2022, the group planned to launch RM4 billion worth of properties but only managed to hit RM1.3 billion,” said Lum.
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