[%mPkM%] SP Setia 
Research by CIMB
HOLD ; Target price: RM1.90 ; Up/downside: 7.8% 

"Cutting FY19 sales target and new launches"
■ 1HFY19 core net profit came in below expectations due to weaker-thanexpected revenue recognition and margins.
■ SP Setia cut its FY19 sales target by 20% to RM4.55bn and lowered its planned project GDV by 28% to c.RM4.9bn in FY19.
■ Maintain Hold with a lower TP of RM1.90 as we widen our RNAV discount to 55% (from 45%) to factor in the negativity from the weaker sales target. 

NGO Siew Teng
T (60) 3 2261 9089
E [%AdAU%] 

$KLSE-SPSETIA SP Setia 
Research by CIMB
HOLD ; Target price: RM1.90 ; Up/downside: 7.8% 

"Cutting FY19 sales target and new launches"
■ 1HFY19 core net profit came in below expectations due to weaker-thanexpected revenue recognition and margins.
■ SP Setia cut its FY19 sales target by 20% to RM4.55bn and lowered its planned project GDV by 28% to c.RM4.9bn in FY19.
■ Maintain Hold with a lower TP of RM1.90 as we widen our RNAV discount to 55% (from 45%) to factor in the negativity from the weaker sales target. 

NGO Siew Teng
T (60) 3 2261 9089
E siewteng.ngo@cgs-cimb.com 