SP Setia Bhd is eyeing government land redevelopment projects as well as Permodalan Nasional Bhd's (PNB) prime landbank in the Klang Valley and Johor.
In a note today, HwangDBS Vickers Research Sdn Bhd said with PNB's backing, SP Setia could enhance bids for government land and large overseas projects.
It said SP Setia may also consider expanding in Vietnam, Australia and London.
"SP Setia has room to landbank further with a net cash of RM83 million and RM2.8 billion record unbilled sales," it said.
HwangDBS Vickers said given the improved clarity on management continuity and strong growth potential, it would maintain its "hold" call on SP Setia at a target price of RM4.50.
By Bernama
Friday, March 9, 2012
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