“As we expect property sales to recover in 2H20, S P Setia should be able to meet its internal sales target of RM3.8bil following a re-adjustment of properties prices," UOB Kay Hian Malaysia Research said.
KUALA LUMPUR: UOB Kay Hian Malaysia Research expect earnings recovery for S P Setia to materialise from 2H20 on the back of accelerated progress billings and contribution from overseas projects kicking in in 2021-22.
In its research note on Friday, it said as at end-August, S P Setia had secured RM1.5bil worth of property bookings, while new launches have been scaled back as the company shifts its focus to clear inventory.
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