Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-Affin upgrades SP Setia to add

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STOCKS NEWS MALAYSIA-Affin upgrades SP Setia to add Sep 6th 2012, 01:48 Wed Sep 5, 2012 9:48pm EDT Affin Investment Bank upgraded SP Setia Berhad to 'add' from 'reduce' and raised the stock's target price to 3.82 ringgit from 3.60 ringgit. SP Setia's valuations are "reasonably attractive" as the stock hasn't performed as well as its peers and Malaysia's benchmark composite stock index, Affin said in a research note on Thursday. Additionally, Affin views the developer's purchase of London's Battersea power plant positively and is optimistic on the take-up rates for the first part of the project which involves property development. "At a selling price of 900 pounds per square feet, we believe that the apartments are likely to achieve a decent take-up rate," Affin said but noted that the project will only contribute to SP Setia's bottom line upon completion and delivery of the properties in 2016. At 0925 (0125 GMT), SP Setia was unchanged at 3.56 ringgit while the benchmark composite index was down 0.44 percent at 1,634.02

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