{"id":2906,"date":"2023-03-02T05:28:41","date_gmt":"2023-03-02T05:28:41","guid":{"rendered":"https:\/\/spsetia.com\/?post_type=news&#038;p=2906"},"modified":"2025-08-11T16:24:04","modified_gmt":"2025-08-11T08:24:04","slug":"unbilled-sales-in-2023-set-to-propel-s-p-setia","status":"publish","type":"news","link":"https:\/\/spsetia.com\/zh\/news\/unbilled-sales-in-2023-set-to-propel-s-p-setia\/","title":{"rendered":"Unbilled sales in 2023 set to propel S P Setia"},"content":{"rendered":"<p>PETALING JAYA: S P Setia Bhd is expected to see an acceleration in recognition of its unbilled sales this year, on the back of easing labour shortage conditions and ongoing Australian projects.<br \/>\nHong Leong Investment Bank Research noted that the property developer will recognise most of its remaining unbilled sales from its Australia projects amounting to RM1.41 bil in the first quarter of 2023.<\/p>\n<p>\u201cGiven the positive cash flow from its Australia projects, S P Setia\u2019s net gearing as at the fourth quarter of 2022 improved to 0.81 times (from 0.9 times in the third quarter of 2022).\u201d<\/p>\n<p>The research house added that Bank Negara\u2019s recent rate hike pause should also augur well for the group, giving it much needed breathing room to lower its net gearing.<\/p>\n<p><iframe id=\"google_ads_iframe_\/21764785206\/Desktop\/Desktop_TSOL\/Desktop_TSOL_Business\/Desktop_TSOL_Business_SP_Mid\/Desktop_TSOL_Business_SP_Mid_OSV_0\" tabindex=\"0\" title=\"3rd party ad content\" role=\"region\" name=\"google_ads_iframe_\/21764785206\/Desktop\/Desktop_TSOL\/Desktop_TSOL_Business\/Desktop_TSOL_Business_SP_Mid\/Desktop_TSOL_Business_SP_Mid_OSV_0\" width=\"1\" height=\"1\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" aria-label=\"Advertisement\" data-google-container-id=\"5\" data-load-complete=\"true\" data-mce-fragment=\"1\"><\/iframe>Meanwhile, TA Research said it is raising S P Setia\u2019s 2023 earnings by 46%, largely to reflect the delayed recognition of Australia projects and the sale proceeds of land in Johor.<\/p>\n<p>\u201cMeanwhile, 2024 earnings are adjusted marginally higher by 0.6%.<\/p>\n<p>\u201cOur 2023, 2024 and 2025 new sales assumptions are RM4.2 bil, RM4.35 bil and RM4.35 bil, respectively. We introduce our 2025 net profit of RM157.6 mil, representing a growth of 4.1% year-on-year.\u201d<\/p>\n<p>In terms of the construction status of its two Australian projects, TA Research said the group\u2019s Sapphire by The Gardens is fully completed, while Uno Melbourne\u2019s Stage 1 is 100% completed and Stage 2 is 73% completed.<\/p>\n<p>\u201cAs such management is confident that the remaining unbilled sales of RM1.4bil will be fully recognised this year.\u201d<\/p>\n<p>Maybank Investment Bank Research (Maybank IB) meanwhile said S P Setia has set a flattish sales target of RM4.2 bil in 2023 (compared with RM4.1bil achieved in 2022), driven by RM6.2 bil worth of new launches.<\/p>\n<p>\u201cAs at December 2022, S P Setia had RM385 mil worth of bookings. Unbilled sales stood at RM7.3bil.\u201d<\/p>\n<p>Separately, in view of the strong demand for industrial properties, Maybank IB noted that the company has allocated 400 acres and 321 acres of land in Klang and Port of Tanjung Pelepas, respectively, for industrial development.<\/p>\n<p>\u201cElsewhere, it is in advanced stages of negotiations for the disposal of a non-core landbank,\u201d said the research house.<\/p>\n<p>Meanwhile, Affin Hwang Investment Bank noted that S P Setia has set a slightly higher (year-on-year) sales target of RM4.2 bil for 2023, as the developer is confident of stronger domestic sales.<\/p>\n<p>\u201cBookings of RM385 mil as at end-2022 are expected to contribute to sales in the first quarter of 2023,\u201d it said, adding that the high unbilled sales as at end-2022 will provide good earnings visibility.<\/p>\n<p>\u201cNet debt was reduced 13% quarter-on-quarter to RM8.75 bil at the end of the fourth quarter of 2022, due to strong operating cash inflow of RM1.69 bil.\u201d<\/p>","protected":false},"excerpt":{"rendered":"<p>PETALING JAYA: S P Setia Bhd is expected to see an acceleration in recognition of its unbilled sales this year, on the back of easing labour shortage conditions and ongoing Australian projects. Hong Leong Investment Bank Research noted that the property developer will recognise most of its remaining unbilled sales from its Australia projects amounting [&hellip;]<\/p>\n","protected":false},"featured_media":2907,"template":"","news_category":[16],"township-news":[],"venues-news":[],"class_list":["post-2906","news","type-news","status-publish","has-post-thumbnail","hentry","news_category-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/news\/2906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/types\/news"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/media\/2907"}],"wp:attachment":[{"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/media?parent=2906"}],"wp:term":[{"taxonomy":"news_category","embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/news_category?post=2906"},{"taxonomy":"township-news","embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/township-news?post=2906"},{"taxonomy":"venues-news","embeddable":true,"href":"https:\/\/spsetia.com\/zh\/wp-json\/wp\/v2\/venues-news?post=2906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}