ECM to review 'hold' call on SP Setia

SP Setia Bhd, a Malaysian property developer, had its “hold” stock rating and price estimate under review at ECM Libra Capital Sdn Bhd following a newspaper report of a potential land purchase in Kuala Lumpur.

The Edge weekly newspaper reported on January 15 that SP Setia probably won a bid to purchase a prime land in Bangsar after the company agreed to build a government health institute in Shah Alam, outside of Kuala Lumpur, citing an undisclosed news report in September.

ECM will review the rating and share price estimate of RM5.20 pending the announcement of the said land deal, it said in its research note today.

By Bloomberg