Hwang-dbs 27/9/2010 SP Setia (RM4.56; Buy; Price Target: RM5.40; SPSB MK)

Beneficiary of KL Transformation
• 3QFYOct10 results in line with expectations
• 10M FY10 sales has already hit RM2bn full-year target;
potential re-rating from KL Eco-City launch in Dec10
• Beneficiary of Greater KL transformation plan
• Maintain Buy, TP raised to RM5.40 (from RM4.80)
based on 10% discount to RNAV of RM5.95