SP Setia: Maintain Hold - Decent Sales To Continue

• Reiterate HOLD. SPSB's 9MFY10/12 results are tracking expectations, at 73-74% of our and consensus full-year estimates.
• Whilst its participation in the GBP8b Battersea Power Station project in London is positive for its long-term earnings growth, near-term share price upside could be capped due to general election risk.
• We maintain our earnings forecasts and TP of MYR4.00 (15% discount to RNAV of MYR4.71).

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Source: Maybank Research - 14 Sep 2012