Maintain HOLD. We are neutral on SPSB's latest land acquisition on
Penang island. Despite its strategic location, the MYR200psf land cost
appears on the high side. We expect development on the new land to only
contribute from FY10/15 onwards, hence there is no change to our 3-year
earnings forecasts. Target price is raised by 7sen to MYR4.00 based on
unchanged 10% discount to new MYR4.44 RNAV (+7sen).
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Source: Maybank Research - 16 May 2012
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