[%pEyq%] 
Research by TA
BUY – TP RM1.91

" Anchored by Land Sales ”

Despite the wider losses from Battersea Power Station, we believe these
should be offset by the stronger performance in Malaysia. We maintain our
Buy recommendation on S P Setia with an unchanged target price of
RM1.91/share. Our valuation is based on P/Bk multiple of 0.7x against its
CY25 BPS and a 3% ESG premium incorporated into our TP. The valuation
remains undemanding, as the group is currently trading at a CY25 P/Bk of
0.55x, compared to the average P/Bk of 1.1x for larger developers under
our coverage

Analyst:
Thiam Chiann Wen 
[%VttI%]

$KLSE-SPSETIA 
Research by TA
BUY – TP RM1.91

" Anchored by Land Sales ”

Despite the wider losses from Battersea Power Station, we believe these
should be offset by the stronger performance in Malaysia. We maintain our
Buy recommendation on S P Setia with an unchanged target price of
RM1.91/share. Our valuation is based on P/Bk multiple of 0.7x against its
CY25 BPS and a 3% ESG premium incorporated into our TP. The valuation
remains undemanding, as the group is currently trading at a CY25 P/Bk of
0.55x, compared to the average P/Bk of 1.1x for larger developers under
our coverage

Analyst:
Thiam Chiann Wen 
cwthiam@ta.com.my