S P Setia Catching Up On ESG With Peers
S P Setia Catching Up On ESG With Peers
Maybank IB introduced S P Setia's expanded ESG tear sheet and assign an above average overall score of 57 (out of 100). SPSB introduced the Setia Green Roadmap in 2023 to help its transition towards carbon neutrality and net zero by 2050.
馬來亞銀行IB推出了S P Setia擴大的ESG分析表，並給出了高於平均水平的57分（滿分100分）。SPSB於2023年推出了Setia綠色路線圖，以幫助其在2050年之前向碳中和和和淨零過渡。
The house maintains its earnings forecasts, MYR1.66 TP (0.5x FY24E PBV) and BUY recommendation.
衆議院維持其收益預期、1.66令吉的目標價（0.5倍 FY24E PBV）和買入建議。
Improvement in "E" data disclosure needed
SPSB's overall ESG score of 57, under Maybank's proprietary scoring methodology is above average, which is close to its sector peer, SDPR at 63. SPSB's score was dragged by the lack of disclosures on carbon emission data (pre-FY23) and energy and water consumption intensity data (in FY23), which make YoY comparison difficult. Additionally, there were two cases concerning work-related incidents leading to Lost Time Injury (LTI) recorded in FY23.
需要改進 “E” 數據披露
根據馬來亞銀行的專有評分方法，SPSB的ESG總體得分爲57分，高於平均水平，接近行業同行SDPR的63分。由於缺乏對碳排放數據（23財年之前）以及能源和水消耗強度數據（23財年）的披露，這使得同比變得困難，這拖累了SPSB的得分。此外，在23財年記錄了兩起與工作有關的事故導致誤工傷害（LTI）的案例。
Implementing carbon reduction initiatives
SPSB introduced its Setia Green Roadmap in 2023 to help its transition journey towards a net zero organization by 2050. It aims to reduce Scope 1 and 2 carbon emissions by 45% by 2030 and by 70% by 2040, relative to a 2023 baseline. To reduce emissions across its business units, SPSB has introduced Setia e-GreenLiving, a range of sustainable home features
including smart home system, Green Switch, rainwater harvesting system and readiness for EV and solar power use. SPSB is now finalising the baseline relating to high-rise developments to reduce Scope 3 emissions. These initiatives could improve its ESG scoring going forward.
實施碳減排舉措
SPSB於2023年推出了Setia綠色路線圖，以幫助其在2050年之前向淨零組織過渡。它的目標是到2030年將範圍1和2的碳排放量與2023年的基準相比減少45％，到2040年減少70％。爲了減少其業務部門的排放，SPSB推出了Setia e-GreenLiving，這是一系列可持續家居功能
包括智能家居系統、綠色開關、雨水收集系統以及電動汽車和太陽能使用準備。SPSB目前正在敲定與高層建築開發相關的基準，以減少範圍3的排放。這些舉措可以提高其未來的ESG評分。
Undemanding valuation
Maybank IB said it continues to like SPSB for its undemanding valuation. It currently trades at 0.45x FY24E P/B versus industry average of 0.79x. Catalysts include: i) land sale (in FY24E), ii) REIT-ing of its investment properties (FY25-26E)
and iii) potential upward revision in BPS mall pricing (FY27E). As at Dec 2023, SPSB's net gearing was 0.49x (also see our report dated 22 Mar 2024).
估值要求不高
馬來亞銀行表示，它繼續喜歡SPSB的估值不高。它目前的交易價格爲 FY24E 市盈率的0.45倍，而行業平均水平爲0.79倍。催化劑包括：i) 土地出售（在 FY24E 中），ii) 其投資物業的房地產投資（FY25-26E）
以及 iii) BPS 購物中心定價可能向上修正（FY27E）。截至2023年12月，SPSB的淨資產負債爲0.49倍（另見我們2024年3月22日的報告）。
譯文內容由第三人軟體翻譯。