haQ
Active+ Member
- Messages
- 3,237
- Joined
- Jan 28, 2006
- Messages
- 3,237
- Reaction score
- 56
- Points
- 35
Tips for today:
SP Setia (SPSB MK) - BUY
Price 2.94, TP 4.01, Mkt cap $924m, Avg t/o $5.0m
Hit by fallout from fuel price rise
Cut TP by 39.6% to MYR4.01. We changed our valuation basis from
RNAV-based to five-year average P/E multiple of 15x. This is to
reflect weak consumer demand, escalating costs and inevitable
project delays. But, earnings visibility remains high with
total GDV of MYR19.7b and MYR1.8b in unbilled sales. Trading at
a deep 56% discount to RNAV. BUY.
2008E: Rec EPS 0.19, P/E 15.6, P/B 1.5, ROE 10.1, Yld 3.8
2009E: Rec EPS 0.27, P/E 11.0, P/B 1.4, ROE 13.5, Yld 5.4
2010E: Rec EPS 0.32, P/E 9.3, P/B 1.3, ROE 15.1, Yld 6.4
SP Setia (SPSB MK) - BUY
Price 2.94, TP 4.01, Mkt cap $924m, Avg t/o $5.0m
Hit by fallout from fuel price rise
Cut TP by 39.6% to MYR4.01. We changed our valuation basis from
RNAV-based to five-year average P/E multiple of 15x. This is to
reflect weak consumer demand, escalating costs and inevitable
project delays. But, earnings visibility remains high with
total GDV of MYR19.7b and MYR1.8b in unbilled sales. Trading at
a deep 56% discount to RNAV. BUY.
2008E: Rec EPS 0.19, P/E 15.6, P/B 1.5, ROE 10.1, Yld 3.8
2009E: Rec EPS 0.27, P/E 11.0, P/B 1.4, ROE 13.5, Yld 5.4
2010E: Rec EPS 0.32, P/E 9.3, P/B 1.3, ROE 15.1, Yld 6.4