Acquisition inked; EPF features as a new partner. The Malaysian
consortium has finally inked the acquisition of 39 acres of freehold
land in Battersea, London. EPF has emerged as the third partner with a
20% equity stake (SP Setia [SPSB] 40%; Sime Darby 40%). The consortium
is a win-win partnership, we believe, with financial strength and track
record. Though there are challenges, we view this as long-term positive
for SPSB and Sime. We retain our forecasts and HOLD calls on SPSB and
Sime with earnings to feature beyond our forecast periods.
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Source: Maybank Research - 6 July 2012
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