Kenanga cuts Mah Sing target price
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Kenanga cuts Mah Sing target price
Kenanga Research cut its target price for property developer Mah Sing
Group to RM2.00 (US$0.64) from RM2.18 on an outlook for higher net
gearing after acquiring more landbank.
Kenanga said it was
neutral on Mah Sing's recent RM333.2 million acquisition for 412.4 acres
of land on the outskirts of the Malaysian capital.
"Although the 0.6x net gearing is manageable and is expected to fall
below 0.5x over the next two quarters on the back of continuous
billings, we prefer developers to keep their net gearing ratios below
0.5x, particularly in the current global uncertainties," Kenang said in a
note to clients. -- Reu
Group to RM2.00 (US$0.64) from RM2.18 on an outlook for higher net
gearing after acquiring more landbank.
Kenanga said it was
neutral on Mah Sing's recent RM333.2 million acquisition for 412.4 acres
of land on the outskirts of the Malaysian capital.
"Although the 0.6x net gearing is manageable and is expected to fall
below 0.5x over the next two quarters on the back of continuous
billings, we prefer developers to keep their net gearing ratios below
0.5x, particularly in the current global uncertainties," Kenang said in a
note to clients. -- Reu
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