[%nuVE%] SP Setia
Research by UOB
HOLD ; Target Price RM1.79 ; Upside +1.5% 

"2Q19: Missed Expectations"
Amid the sluggish property outlook, SP Setia’s 1H19 results missed our expectation, coming at 34% of full-year estimates due to lower-than-expected property sales and billings recognition. This has resulted in SP Setia revising its 2019 sales target. Meanwhile, uncertainty regarding the Brexit outcome has hindered SP Setia’s launch of the Battersea project’s new phases in the near term. Maintain HOLD with a lower target price of RM1.79. Entry price: RM1.60. 

Farhan Ridzwan
+603 2147 1989
[%WSAr%] 

$KLSE-SPSETIA SP Setia
Research by UOB
HOLD ; Target Price RM1.79 ; Upside +1.5% 

"2Q19: Missed Expectations"
Amid the sluggish property outlook, SP Setia’s 1H19 results missed our expectation, coming at 34% of full-year estimates due to lower-than-expected property sales and billings recognition. This has resulted in SP Setia revising its 2019 sales target. Meanwhile, uncertainty regarding the Brexit outcome has hindered SP Setia’s launch of the Battersea project’s new phases in the near term. Maintain HOLD with a lower target price of RM1.79. Entry price: RM1.60. 

Farhan Ridzwan
+603 2147 1989
farhanridzwan@uobkayhian.com 