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Saturday, January 8, 2011

SP Setia

SP setia already broke the historical high of 6.18 and now go up up to infinity. So now we need to use FIBONACI to track the resistance

Current Close price on Jan 7 = 6.45
R1 = 6.49
R2  = 6.78
R3 =  7.09 ( New TP  6.95  RHB and TP 7.23 by OSK)

S1 =  6.28
S2 = 6.12

0521 GMT [Dow Jones] STOCK CALL: OSK Research raises SP Setia's (8664.KU) target to MYR7.23 from MYR6.58, pegged to a higher P/NTA multiple of 3.1X, which was its peak valuation in 2007. It keeps a Buy call. The house says, banks have been eager to fund and fuel the property boom by encouraging society and the financial system to leverage further and switch from traditional financing to more speculative financing. "This has in turn created a sense of euphoria, which is fuelling the country's biggest residential real estate boom since the Asian Financial Crisis." The house adds, the stock's current foreign share holding is 25%, which is significantly below more than 40% during the 2007 boom. "There is a high possibility that the next wave of foreign hot money pouring into Malaysia to ride on the residential property 'super cycle' may shove SP Setia's valuation to surpass even the peak level it attained in 2007," the house adds. The stock is down 0.6% at MYR6.39.(

 RHB raises SP Setia's fair value
SP Setia Bhd, a Malaysian property developer, climbed to a record after RHB Research Institute Sdn Bhd raised the stock’s fair value to reflect a higher market value for its development landbank.

The fair value for SP Setia was increased to RM6.95 from RM6.50, RHB said in a report today.

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