KUALA LUMPUR, June 18 (Bernama) -- OSK Investment Research has maintained its take profit recommendation call on SP Setia Bhd.

"Although the pace of progress billings on its high unbilled sales continues to pick up, we prefer to leave our earnings forecasts unchanged for now," it said in an equity note on Friday.

SP Setia's first half financial year 2010 year-on-year turnover and net profit improved significantly by 19 per cent and 25 per cent respectively, on the back of much improved new property sales and higher progress billings.

ECM Libra Investment Research meanwhile said SP Setia's sales are expected to be strong amid an accommodative interest rate environment and improving consumer sentiment.

ECM Libra has maintained its buy call on SP Setia.

"We like SP Setia for exposure to the landed residential property sub-segment which is currently in a sweet spot," it said in a research note.

On-going sales promotion expenses will however keep margin below 20 per cent in the near future, ECM Libra added.