| KLSE : MAHSING || || MAH SING GROUP BHD |
|Last Price ||Today's Change || Day's Range || Trading Volume |
|1.42 || +0.02 (1.43%) || 1.39 - 1.43 || 1,901,600 |
|Avg Volume (4 weeks):||1,175,410|
|4 Weeks Range:||1.34 - 1.58|
|52 Weeks Range:||1.24 - 1.70|
|Average Price Target:||1.62|
|Price Target Upside/Downside:||+0.20|
| View Price Target Detail |
Lee See Yen any idea why wc no move ???? too lazy ...
Money Because exercise value too high...
Lee See Yen aiyo .....atlest follow the mother move ma....
Money Ecoworld earning up.....how is about mahsing in next quarter result?ha..
yk1188 Hope epf continue support n buy mahsing..then move higher...
bsngpg I personally dislike epf buying too much of Mahsing as it may turn out as sad story of SPSetia where Mahsing becomes "Bumising"
InKoon Time to accumulate,
Noni How much debt this company is raking up compared to its assets value & projected income?
goldentriangle 【2017預算案】首購族買30萬以下房屋 豁免印花稅
Property sector will get booming and Mahsing will start it's uptrend next Monday onwards!
Money Mahsing got property sell below rm300k?
bsngpg Smart question by Money.
fast888 Not seeing good news for property.
CKNYAM Vivocom’ entry into affordable housing will support earnings
October 19, 2016, Wednesday Sharon Kong, firstname.lastname@example.org
KUCHING: Vivocom International Holdings Bhd’s (Vivocom) entry into the affordable housing market will support earnings, the research arm of MIDF Amanah Investment Bank Bhd (MIDF Research) observes, given that there is ready demand for affordable housing in Perak and East Coast of Peninsular Malaysia.
According to MIDF Research in a corporate update, Vivocom management aspires to diversify the group’s project portfolio and improves its working capital via affordable housing projects.
“While an affordable housing project generally provides lower single-digit margin for contractors, nonetheless it generates orderbook backlog for longer-term as well as tighter contractual obligations,” the research arm said.
“This would help to match Vivocom’s total construction revenue and earnings with cash inflows from predictable progress billings.”
MIDF Research highlighted that the recently clinched Kinta Valley and Tronoh affordable housing projects are crucial as a learning curve to provide experience in value engineering, traction of gaining tender advantage and wide content application of industrialised building system (IBS) in constructing affordable housing units.
“Vivocom is upbeat especially in East Coast of Malaysia where the demand of affordable housing exceeds supply,” the research arm said.
It added that Vivocom’s management has indicated an expanding IBS content for building construction citing cost advantage as well as time savings as primary drivers.
In MIDF Research’s view, Vivocom’s interest in affordable housing segment comes as no surprise as the State Government of Perak has announced in January 2016, the rolling out of 10,000 units of affordable housing by 2018.
“The Perak Housing Department currently has a waiting list of more than 12,000 applicants for its affordable housing schemes.
“Another example is Terengganu, which has a waiting list of 56,000 applicants since end of 2015,” the research arm noted.
Meanwhile, on the strength on the group’s balance sheet, MIDF Research believed that Vivocom presents a compelling risk/reward opportunity amidst the pressured share price.
Vivocom’s orderbook of RM3.5 billion is at all time high or approximately 48-month orderbook backlog (38-fold financial year 2015 (FY15) construction revenue cover which is the highest in the research arm’s coverage).
Premised on the group’s FY15 working capital/net income cover of 12.1-fold and diligent FY15 working capital/orderbook cover of 0.03-fold, the research arm viewed that Vivocom’s balance sheet fundamental strength is set to outweigh the risk of heavy orderbook execution.
On to its FY16/FY17 earnings estimates, MIDF Research has altogether reiterated earnings projections which are underpinned by a growing orderbook of circa 15 per cent which will swell to more than RM4 billion based on affordable housing projects that Vivocom has tendered.
MIDF Research has also reaffirmed its ‘buy’ recommendation with a target price of RM0.63 per share based on FY17 sum-of-parts (SOP) methodology on an implied prospective price earnings ratio (PER) of 13-fold which is on the lower end of the research arm’s small to mid-cap construction PER range of 10-fold to 14-fold (up 1.3 standard deviation above the mean of 12).
CKNYAM Stock: [Vivocom 0069]
Total Value Date Receive LOA Date Commerce Date Completion Durations Remarks
1 Pavilion Hilltop, Mont Kiara fr CRCC 34,762,000.00 11/12/15 1/12/16 7/12/18 18 months
2 Rumah Selangorku Bdr Ulu Klang fr CRCC 116,400,000.00 12/8/15 1/18/16 7/1/17 18 months
3 1 Gateway Klang, Selangor fr CRCC 195,525,000.00 11/12/15 1/12/16 12/1/18 3 years
4 Neata Aluminium old orderbook as September 2016 351,753,000.00 11/12/15
Kemensah height (82.4mil),tamarind square(10.3mil),lumi tropicana (37.7mil), KL Gateway (15.4), Eclipse Residence (15mil)
5 Teras Millenium to Instacom for Telco Hub sites 29,000,000.00 11/12/15 1/12/16 8/12/16 7 months
6 Jointly Develop Kharisma Port Indonesia 1/15/16 No agreement sign
7 Desa Tasik Project fr Coneff Corp (2 block Commercial) 240,418,000.00 1/20/16 3/8/16 12/8/19 45 months
8 Desa Tasik Project fr Coneff Corp (24 storeys Condo ) 230,000,000.00 1/26/16
9 PBT Engineering for Third Avenue Cyberjaya to Neata 22,500,000.00 4/4/16 4/4/16 9/4/17 17 months
10 V-Development fr Gated Housing Bdr Ulu Klang 15,000,000.00 4/4/16 7/1/16 2/1/18 18 months
11 Green Venture Chepor Hulu Kinta Project 90,000,000.00 4/26/16
12 De Facto Wilayah Sultan Azlan Shah Hulu Kinta Project 160,000,000.00 5/5/16
13 Goldenhill Accenture Genting Sempah pahang project 46,000,000.00 5/20/16 7/20/16 7/20/18 24 months
14 Kiara5 Development Kg Kayu Ara Sg buloh 25,000,000.00 6/23/16 8/23/16 2/23/18 18 months
15 Lim Hoo Seng Construction Lorong stonor project to Neata 12,800,000.00 6/23/16 6/30/16 5/1/19 35 months
16 Seni perspek Bandar tasik Amanjaya Daerah kinta 756,000,000.00 8/4/16 JCA status
17 Green Venture Wilayah Chepor Project 18storeys Apartment 100,000,000.00 8/19/16 24 months
18 Dazamega Mukim Hulu Kinta Project 600,000,000.00 9/1/16 48 months HOA status
Total Project Pipeline that annouced in BursaMalaysia 3,025,158,000.00
Project Not Annouce Yet
19 Tropic Regal Sarawak 250,000,000.00
20 V Plaza Balakong 23,000,000.00
21 Regal Singapore 200,000,000.00
22 M101 Skywheel 500,000,000.00
23 Penang Tunnel 350,000,000.00
24. Gemas double track railway
Tankhaylong Stamp duty for 1st house buyer( 300k house)
~(100k x 1%+200kx2%)x50%=2,500
~(270k x 0.5%)x50%=675
Tankhaylong Stamp duty for 1st house buyer (500k house)
~(100k x 1%+ 400k x 2%)x 50%=4,500
~(450k x 0.5% x 50%=1,125
~(300k x 0% + 200k x 2%)=4,000
~(300k x 0% + 150k x 0.5%)=750
bsngpg Potential benefit from the exemption on stamp duty announced in Budget 17 for Mahsing is negligible as most of the Mahsing's products are priced higher than RM300K. Indeed marginal negative impact may be created along the new measure to Mahsing as some of the lower income buyers will now attracted to properties lower than 300K which is not the focus of Mahsing.
bsngpg Being said that biz of Mahsing will still move on with similar profit level as last year at the worst case while aiming for growth. Dividend will be paid at 40% DPO again next year. Therefore I will just sit back with my big holding on Mahsing and waiting for the next dividend in Sep17 and turn around moment of property market.
Money So how??? Keep drop...???no up?
2721 Div is king in same view..bsn u know abt cold eye? will attend his talk next sat?
bsngpg Will buy his book thru popular bookshop. No time to see him and get his signature. Hopefully one day he will come to my town.
bunga I like cold eye strategy. Can share what he talk about next sat ?
Money Oversold...whats news out?
Next month quarter report out soon....
Money Already drop 10%.....
2721 Cold eye oso said worth to buy..his fren bought in 10 yrs ago n the return is 10x include bonus, rights & warrants
Money When report out for this quarter?
moonasia countdown... ~ 3...
Money Report out!!! Revenue down profit up.
2721 wow..congrats to mahsing able to sustain in a profitable way..
bsngpg 2016 Nov : 下调全年销售目标，从23亿令吉调整至18亿令吉
2015 Aug : cut its sales target to MYR2.3bn from MYR3.4bn
====>"BIZ IS GOING DOWN HILL".
Golden Rule of Super investor : Buy only when profit of next qtr will be better than the last.
Cold Eye's Formula : 反向+"成长"+时间=财富。
===>My big investment in Mahsing is neither meeting Golden Rule nor formula of Cold Eye, leaving to only one direction = DOWN.
Worst still : 3 Qtrs eps =9.92cents. Annualize it to get whole year eps at 13.22 cents. At 40% DPO, div for 2017 will be only 5.29 cents= which is 19% less than 2016(5.29/6.5).
"Cooler than water" for few years.
bsngpg Among Mahsing, Tambun, Matrix, Huayang:
Huayang : poor biz
Matrix : higher earning visibility
Mahsing : creative to fight macro environement
Tambun : quiet but deliver
bsngpg For those who plan to buy Mahsing, I would say please hold for while to get lower entry price.
henry9889 why mashing price drop when quarter result is within expectation?
bsngpg I opine people who likes Mahsing can stand by now.
bsngpg Many research houses gave FV at the range 1.47-1.60. I personally do not think so instead my FV for Mahsing is about 1.32 +/- 10% with PE 10x.
bsngpg Being said that, I am still holding my biggest investment in Mahsing although I foresaw it to sink as investing in a company is for long term where I "do not want" to drift along with the cyclical variation.
Money Next week up back..
bsngpg Bleeding likes hell from Mahsing. Crying!!! Will still hold on it tightly and foresee to bleed further, shit.
Last few weeks, Mahsing was traded at high RM1.65 before cutting sales target by 22% from 2.3 bil to 1.8 bil. After cutting sales by 22% announced on 25 Nov16, the price may adjust down 22% too, 1.65-22%=RM1.29.
pt tey calculate like tat mer? 1.65-22%?
Money 2days drop more than 10pc....then up 1,2 cent a day....headache.
dompeilee Bought 10,000 MahSing @ 1.36 for the first time ever.
sogou me bought @1.40...13000
coolinvestor bought some c6. hope for the best
bsngpg Welcome to Mahsing. Your entry price is not expensive. My long term experience in Mahsing told me that we have to be very patient with this "TortoiseSing". For short to mid term, we are likely to see neutral to negative value on our investment, but for long term we will eventually win just as quoted by Len Yan sifu that his friend got 10+ folds profit from Mahsing in 10+ years. I invest in Mahsing less than 10 years, thus that is not me but my profit from profit is significant thus far.
kayne285 congrats to those that collect more at 1.34...it rebound swiftly back to norm...
coolinvestor when it drop 19c just like that....the only way left is upwards...lol