SP Setia's 2H25 earnings boosted by land sales, new launches
According to CIMB Securities, the sale of industrial land at Setia Alaman could contribute around RM150–200 million in profit.
The research house pointed out upcoming launches, including Setia Garden Residences, which held its groundbreaking ceremony in July with a projected gross development value (GDV) of US$81 million or RM381 million, and Phase 1 of the Setia Federal Hill development in Bangsar.
Meanwhile, in the UK, the tenancy rate at Battersea Power Station's 50 Electric Boulevard has improved to above 50 per cent, compared with 20 per cent in August 2024.
"Aside from a stronger launch pipeline, SP Setia is working hard to unlock more value from its three main industrial parks, including Setia Fontaine, Setia Alaman, and Tg. Kupang.
"While the proposed 141.6-hectare industrial park in Setia Fontaine is still pending regulatory clearance, the group is releasing 121.4 hectares of industrial land at Setia Alaman and has just announced a partnership with Taiwan's Ally Logistic Property to develop a smart warehouse campus on a 17-hectare site at the same industrial park," it added.
CIMB Securities said the appointment of Zaini Yusof as president and chief executive officer is a positive move for SP Setia, providing stability and a smooth transition in leadership.
Maybank Investment Bank Bhd (Maybank IB) has revised its earnings forecasts for SP Setia, lowering financial year 2025 estimates by 17 per cent and raising financial year 2026 (FY26) projections by 8 per cent, to factor in progress billing assumptions and the possibility that certain land sales in the Klang Valley will only be recognised in FY26.
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