SGP advanced +2.9% on Thursday, posting 2-year highs in the process, i.e. a bullish move on relatively muted momentum. In late 2023, SGP agreed to acquire 12 community projects from Lendlease for $1.06bn in a JV with Supalai, a solid deal in our opinion, with the transaction being ~4% accretive to FY25-27E earnings while SGP. This does, however, increase the risk on execution for Stockland.
- We like SGP at current levels but prefer others in the sector, as our positions reflect.
MM is cautiously bullish towards SGP ~$4.65
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