SP SETIA FY2010 Result

SP Setia has just released its full year result for FY2010 during the afternoon break.
This is the news gathered from The Edge:


SP Setia Bhd’s earnings rose 47% to RM251.81 million in the financial year ended Oct 31, 2010 from RM171.23 million in FY09, underpinned by from its property development activities carried out in the Klang Valley, Johor Bahru and Penang.
It said on Thursday, Dec 9 revenue rose 24% to RM1.745 billion from RM1.408 billion a year ago while earnings per share were 24.77 sen versus 16.84 sen.
For the fourth quarter, earnings rose 32% to RM75.15 million from RM56.86 million, boosted by gain from the disposal of Tesco Hypermarket in Bukit Indah Johor, an investment property of the group.
Revenue rose 42% to RM557.99 million from RM393.61 million while EPS were 7.37 sen compared with 5.59 sen.

Some additional info:
1. Dividend of 14 sen is declared for 4Q2010 (vs. 9 sen in 4Q2009). This makes total dividend for FY2010 at 20 sen. Based on market price of RM5.57 as of 3.45pm, this translates into dividend yield of 3.59%.
2. With the latest book value of RM2.15, SP SETIA is trading at Price / Book Value of 2.59x.

My view: Good company but the recent price surge makes its less attractive at current market price.