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Research by Maybank
Buy – TP RM1.64

“Steering clear of doubts"

We left last Friday's meeting with SPSB management feeling positive after clarification on the MYR101m loss reported in 2Q24 from their 40%-owned BPS project. Elsewhere, the listing of SPSB’s investment properties by 2025 is on track, and SPSB expects to finalize plans for its Tanjung Kupang industrial park, potentially involving data centers, within 2-3 months. We maintain our earnings forecasts. Our TP is MYR1.64 on an unchanged 0.5x FY25E P/B. We U/G SPSB to BUY with the stock now offering a 26% upside.

Analyst:
Wong Wei Sum, CFA
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$KLSE-SPSETIA
Research by Maybank
Buy – TP RM1.64

“Steering clear of doubts"

We left last Friday's meeting with SPSB management feeling positive after clarification on the MYR101m loss reported in 2Q24 from their 40%-owned BPS project. Elsewhere, the listing of SPSB’s investment properties by 2025 is on track, and SPSB expects to finalize plans for its Tanjung Kupang industrial park, potentially involving data centers, within 2-3 months. We maintain our earnings forecasts. Our TP is MYR1.64 on an unchanged 0.5x FY25E P/B. We U/G SPSB to BUY with the stock now offering a 26% upside.

Analyst:
Wong Wei Sum, CFA
weisum@maybank-ib.com