Maybank Investment Bank Research is positive on SP Setia's strategy to monetise non-core landbank to fund future/existing developments or pare down its debt.
KUALA LUMPUR: Maybank Investment Bank Research is maintaining its buy call on SP Setia and target price of RM1.39 after the property company decided to monetise non-core landbank to fund future/existing developments or pare down its debt.
In a research note on Monday, the research house said SP Setia was selling 959.7 acres of agricultural land in Tebrau, Johor to Scientex for RM518.1mil (average RM12.39 psf).
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