Source From (The Edge Malaysia): http://www.theedgemalaysia.com/business-news/211418-midf-research-ups-target-price-for-s-p-setia-to-rm421.html
Business & Markets 2012
Written by theedgemalaysia.com
Tuesday, 03 April 2012 09:10
KUAL LUMPUR (April 3): MIDF Research has raised it target price for S
P Setia Bhd to RM4.21 from RM3.95 previously and maintained its Neutral
call on the stock and said the company was benefitting from a closer
tie between the China and Malaysian governments.
S P Setia and Rimbunan Hijau Group had via Qinzhou Development
Consortium S/B entered into a joint venture agreement with Qinzhou Jingu
Investment Co, Ltd (Qinzhou Jingu) to develop, construct and operate
the China-Malaysia Qinzhou Industrial Park (QIP) on a parcel of land
measuring approximately 55 sq km (13,590.5 acres).
MIDF Research in a note April 3 said the outlook for China’s property
market remains uncertain as the property price has escalated to
unsustainable level due to excessive speculative activities.
“Nonetheless, we are positive on the involvement of SP Setia as QIP is a government to government project.
“Moreover, the China government had implemented several measures to
counter the property speculation issue. The JV project will diversify SP
Setia’s land bank which is predominantly located in Malaysia,” it said.
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