[%FVDV%] 
Research by MIDF
Buy (Maintain) - Target Price RM1.04

“Visit to Setia iHome”

Maintain BUY with a revised TP of RM1.04. Post visit, we make no changes to our earnings estimates for FY23F/24F/25F. Meanwhile, we revise our TP to RM1.04 from RM0.92 as we narrowed RNAV discount to 75% from 78% in view of the innovative and smart features of iHome that provide competitive edge to S P Setia. Besides, valuation of S P Setia remains undemanding, trading at 75% discount to NTA per share of RM3.51. Hence, we maintain our BUY call on S P Setia.

Analyst:
Jessica Low Jze Tieng 
[%swCh%]

$KLSE-SPSETIA 
Research by MIDF
Buy (Maintain) - Target Price RM1.04

“Visit to Setia iHome”

Maintain BUY with a revised TP of RM1.04. Post visit, we make no changes to our earnings estimates for FY23F/24F/25F. Meanwhile, we revise our TP to RM1.04 from RM0.92 as we narrowed RNAV discount to 75% from 78% in view of the innovative and smart features of iHome that provide competitive edge to S P Setia. Besides, valuation of S P Setia remains undemanding, trading at 75% discount to NTA per share of RM3.51. Hence, we maintain our BUY call on S P Setia.

Analyst:
Jessica Low Jze Tieng 
jessica.low@midf.com.my