Highlights of the day
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S
P Setia (Results Review): 4QFY12:
Sales exceeded target (Maintain HOLD, TP: RM3.70) [download
report]
SP Setia’s FY2012 results met our expectations but was
below market’s as net profit of RM394m made up 99% and 82% of house (adjusted)
and consensus full-year estimates, respectively. 4QFY12 saw net profit growth
54% y-o-y backed by higher revenue recognition mainly from its property
development projects and better margins. The Group managed to surpass its
FY2012 sales target by securing total property sales of RM4.23bn (+29% y-o-y).
For FY2013, the Group is targeting sales of RM5.5bn to be driven by the Group’s
existing projects and new launches. A gross final dividend of 9 sen was
recommended for the quarter.
Other reports
Other Malaysian news
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AirAsia: To unveil order for 100 Airbus jets
§ MBSB: Buying tower in PJ Sentral
§ Berjaya Toto: May give special dividend
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Media Prima: Forms digital arm to expand
revenue
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UOA Development: To sell building to UEM for RM173.25m
§ REDtone: Eyes RM80m revenue from
data business in FY13
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Construction: Rail decisions by 1Q
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Media: ABN targets 80% of TV households in five years
§ Media: Rolling out digital TV may
cost RM1bn
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Telco: U Mobile
works with Macro Kiosk on EMS
Global news
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US
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US
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Europe : EU finance ministers move toward agreement on
ECB bank oversight
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Europe: Greece
