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Monday, April 18, 2011

SP Setia gains on fair value upgrade

SP Setia Bhd, Malaysia’s biggest property developer, rose to a three-month high in Kuala Lumpur trading after AmResearch Sdn Bhd raised the stock’s fair value to reflect higher real estate prices and earnings growth prospects.

The stock gained 2.3 per cent to RM6.67 at 10.18 am local time, set for its highest close since January 17.

The fair value for SP Setia was increased to RM8.10 from RM7.38, Benny Chew, an analyst at AmResearch, wrote in a report today.

By Bloomberg

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