RHB Research Institute has raised its indicative fair value for SP Setia to RM4.95, from RM4.66, in line with our RNAV/share estimate. It maintains a Market Perform on the stock.
It said on Friday, Sept 24 SP Setia’s core net profit of RM58 million came in within our expectation and market consensus.
Headline net profit of RM87.3 million was skewed by a one-off gain of about RM40 million arising from disposal of Tesco Hypermarket in Setia Alam.
“We adjust our FY10 headline net profit to include the one-off gain. In addition, given management’s guidance of better margins, we also revise our FY10-12 earnings up by 5-12%.
“As a result of our adjustment in margins, and hence projects’ DCF in RNAV estimate, our indicative fair value is raised to RM4.95, from RM4.66, in line with our RNAV/share estimate. Maintain Market Perform,” it said.
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