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NewsM & A Securities downgrades Mah Sing to Hold, raises fair value
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M & A Securities downgrades Mah Sing to Hold, raises fair value
by hlk Wed 29 May 2013, 08:54
Business & Markets 2013
Written by theedgemalaysia.com
Wednesday, 29 May 2013 08:36
A + / A - / Reset
KUALA LUMPUR (May 29): M & A Securities Research has
downgraded MAH SING GROUP BHD [] to a Hold from Buy previously
on account of a strong surge in the stock’s price, but raised its fair value
to RM3.45 (from RM2.71) after the company posted a 16% increase
for its 1Q13 earnings to RM69.4 million from RM59.9 million a year ago.
In a note Wednesday, the research house said Mah Sing’s revenue
however fell 7.6% to RM423.1 million from RM457.7 million a year go
due to contribution from mostly high rise projects that were at early
stage of CONSTRUCTION [].
“The property group said it achieved sales of RM749.6 million during its
first quarter and is on track to achieve its 2013 full year sales target of
RM3 billion, adding that it has strong earnings visibility with unbilled
sales of RM3.55 billion, or 2.28 times the revenue recognized from the
property development division in 2012,” it said.
“We downgraded our call from ‘Buy’ to ‘Hold’ following the strong surge
in price, but raised our fair value per share from RM2.71 to RM3.45,
after removing the discount as well as taking into account the new
landbanking deals,” it said.
Written by theedgemalaysia.com
Wednesday, 29 May 2013 08:36
A + / A - / Reset
KUALA LUMPUR (May 29): M & A Securities Research has
downgraded MAH SING GROUP BHD [] to a Hold from Buy previously
on account of a strong surge in the stock’s price, but raised its fair value
to RM3.45 (from RM2.71) after the company posted a 16% increase
for its 1Q13 earnings to RM69.4 million from RM59.9 million a year ago.
In a note Wednesday, the research house said Mah Sing’s revenue
however fell 7.6% to RM423.1 million from RM457.7 million a year go
due to contribution from mostly high rise projects that were at early
stage of CONSTRUCTION [].
“The property group said it achieved sales of RM749.6 million during its
first quarter and is on track to achieve its 2013 full year sales target of
RM3 billion, adding that it has strong earnings visibility with unbilled
sales of RM3.55 billion, or 2.28 times the revenue recognized from the
property development division in 2012,” it said.
“We downgraded our call from ‘Buy’ to ‘Hold’ following the strong surge
in price, but raised our fair value per share from RM2.71 to RM3.45,
after removing the discount as well as taking into account the new
landbanking deals,” it said.
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