SBS reported a strong margin improvement while most other line items were more or less as expected. The company started production of 1,241 apartments in the quarter, bringing the total number in production up to 1,868 units. Recent developments have led to smaller value changes assumed/higher interest expenses expected, and the latter is a concern given the short average interest maturity. We stick to our BUY rating but lower our TP to 12 (13).
