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Results Note � SP Setia (REDUCE,
maintain)
- Uncertainties in management, strategy remain SP Setia�s 9MFY10/14 core net profit grew by a mere 3% yoy, below consensus and our expectations due to higher-than-expected tax and minority interest. 10MFY10/14 property sales fell by 39% yoy on lower launches and weaker take-up rates, broadly within expectations. CEO Dato� Voon resigned, to be succeeded by deputy president Dato� Khor Chap Jen, signalling continued uncertainties in key management and the group�s strategic directions. Cutting FY14-16E EPS by 2-16%, maintain REDUCE with an unchanged TP of RM2.80 based on a 40% discount to RNAV.
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