Hong Leong keeps ‘hold’ on Mah Sing
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Hong Leong keeps ‘hold’ on Mah Sing
Hong Leong keeps ‘hold’ on Mah Sing
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Wednesday, 18 September 2013 11:34
KUALA LUMPUR (Sept 18): Hong Leong Investment Bank Research has maintained its ‘hold’ call on Mah Sing Group shares with unchanged target price (TP) of RM2.10, given macro and sector headwinds at this point in time.
In a note today, the research house said it has maintained its TP at RM2.10 based on a 45% discount to revised net asset value. The house forecasts were also retained, it said.
Hong Leong IB analyst Sean Lim said he was impressed with the residential and commercial developer’s newly launched township in Southville City, Bangi.
“We believe Mah Sing has consciously positioned Phase 1 to be catered to young working adults working in Greater KL who are looking to own their first home,” said Lim.
“The pricing point is attractive, ranging from RM318,000-339,000 per unit (RM330 psf) and it is just 25 km from the city, which is served by the KL-Sg Besi highway.”
Lim also likes its 28-floor residential block (3,192 units) sitting atop a large shopping podium (208 units). He understood that Mah Sing would dictate the trade mix that would be allowed in the retail lots.
Meanwhile, Lim mentioned Phase 2 will be landed units, called Garden Link Homes, with pricing starting from RM800,000 per unit.
“We gather that Mah Sing will seek to expand its landbank in the vicinity, as it is bullish about the prospects of Bangi. The area enjoys a strong industrial base, with Sony and Hitachi having factories there,” said Lim.
Additionally, Lim said that Mah Sing would not be offering any more developers’ interest-bearing scheme (DIBS) on both Southville and its future projects, in line with Bank Negara’s stance on DIBS.
Business & Markets 2013
Written by Jeffrey Tan of theedgemalaysia.com
Wednesday, 18 September 2013 11:34
KUALA LUMPUR (Sept 18): Hong Leong Investment Bank Research has maintained its ‘hold’ call on Mah Sing Group shares with unchanged target price (TP) of RM2.10, given macro and sector headwinds at this point in time.
In a note today, the research house said it has maintained its TP at RM2.10 based on a 45% discount to revised net asset value. The house forecasts were also retained, it said.
Hong Leong IB analyst Sean Lim said he was impressed with the residential and commercial developer’s newly launched township in Southville City, Bangi.
“We believe Mah Sing has consciously positioned Phase 1 to be catered to young working adults working in Greater KL who are looking to own their first home,” said Lim.
“The pricing point is attractive, ranging from RM318,000-339,000 per unit (RM330 psf) and it is just 25 km from the city, which is served by the KL-Sg Besi highway.”
Lim also likes its 28-floor residential block (3,192 units) sitting atop a large shopping podium (208 units). He understood that Mah Sing would dictate the trade mix that would be allowed in the retail lots.
Meanwhile, Lim mentioned Phase 2 will be landed units, called Garden Link Homes, with pricing starting from RM800,000 per unit.
“We gather that Mah Sing will seek to expand its landbank in the vicinity, as it is bullish about the prospects of Bangi. The area enjoys a strong industrial base, with Sony and Hitachi having factories there,” said Lim.
Additionally, Lim said that Mah Sing would not be offering any more developers’ interest-bearing scheme (DIBS) on both Southville and its future projects, in line with Bank Negara’s stance on DIBS.
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