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Research firms upbeat on Mah Sing's first land deal in 2022

29/06/2022 02:03 PM

KUALA LUMPUR, June 29 (Bernama) -- Research firms maintained their positive ratings on Mah Sing Group Bhd following the group’s announcement of the proposed acquisition of 2.8 hectares of freehold land in Johor for a mixed development property project, M Minori.

Kenanga Today in a research note today said it maintained its financial year 2022 (FY2022) and FY2023 earnings estimates, backed by unchanged sales targets of RM1.7 billion.

"We maintain 'market perform' call with an unchanged target price (TP) of 60 sen per share derived from 65 per cent discount to realisable net asset value (RNAV)," it said.

Meanwhile, MIDF Research expected a muted impact on the balance sheet as Mah Sing has a cash pile of RM1 billion in the first quarter (Q1) of FY2022.

"We maintain our 'buy' call on Mah Sing with an unchanged target price (TP) of 74 sen as we are positive on its earnings outlook which is expected to be driven by the property development division. 

"Besides, new property sales outlook is also supported by its strategy of quick turnaround," said the research firm. 

Another research firm AmInvestment Bank echoed the sentiment, citing that the acquisition would help sustain the company’s property earnings over the medium term.

"While maintaining our FY2022 expectation numbers, we raise FY2023-24 forecast core net profit by three to six per cent, to factor in the earnings contribution from the M Minori project with a gross development value of RM469 million.

“We maintain 'buy' on Mah Sing with a higher sum-of-parts (SOP) based fair value of 87 sen per share from 85 sen previously, which incorporates a neutral three-star environmental, social and governance rating," it said. 

As of noon break, Mah Sing's share price was flat at 59.5 sen, with 126,600 shares transacted.


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