Highlights

Mah Sing Group- Launching the M Adora

Date: 17/07/2020

Source  :  AmInvest
Stock  :  MAHSING       Price Target  :  0.79      |      Price Call  :  BUY
        Last Price  :  0.89      |      Upside/Downside  :  -0.10 (11.24%)
 


Investment Highlights

  • We maintain our BUY call on Mah Sing Group (Mah Sing) with an unchanged fair value of RM0.79 per share, based on a 60% discount to its RNAV (Exhibit 3). We make no changes to our FY20–22 net profit forecasts.
  • Mah Sing’s M Adora, Wangsa Melawati Sales Gallery was opened yesterday 16th July 2020 near the project site. The official launch will be held on 18th July 2020.
  • Sitting on a 4.515-acre leasehold land, featuring two blocks of condominium (677 units), M Adora is targeted for the affordable segment with prices starting from RM468K (RM550psf) per unit and built-up from 850 sq ft. with 2-3 car parks. The project has a GDV of approximately RM378mil.
  • M Adora comes with a wide array of facilities such as multitiered security, kindergarten, nursery, surau, laundry, swimming pool, gymnasium, garden, BBQ area etc.
  • We expect M Adora to be a strong seller given its affordability and close proximity to KL city centre (9km) and is surrounded by established neighbourhoods such as Lembah Keramat, Wangsa Maju, Desa Setapak, Setapak Jaya, Setiawangsa, Ukay Perdana, and KL East. Wangsa
  • Wangsa Melawati is accessible via major highways such as the MRR2, DUKE and EKVE. In terms of public transportation, M Adora is about 0.9km from the Wangsa Maju Mall’s covered walkway to Sri Rampai LRT station. Management will provide shuttle service for M Adora home buyers to the Sri Rampai LRT Station.
  • To recap, Mah Sing launched 2 of its key project in the past 8 months, namely M Oscar (Sri Petaling) in October 2019 and M Luna (Kepong) in June 2020. Both projects are well received with take up rates of 62% and 91% respectively.
  • We believe the long-term outlook for Mah Sing remains positive backed by strong sales achieved in the past few quarters. Moreover, we expect the new projects in Klang Valley to perform well given their strategic locations and attractive pricing. We viewed the recent selldown on the stock as a buying opportunity with an undemanding P/BV of 0.2x and a potential upside of more than 40%, hence we are maintaining our BUY recommendation

Source: AmInvest Research - 17 Jul 2020

Share this
Labels: MAHSING

Related Stocks

Chart Stock Name Last Change Volume 
MAHSING 0.89 0.00 (0.00%) 13,480,400 

  Be the first to like this.
 


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
Earn MQ Points while trading with MQ Traders Group
MQ Affiliate
Earn side income from MQ Affiliate Program
 
 

546  656  538  392 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 YONGTAI 0.365+0.07 
 MTRONIC 0.135+0.015 
 HWGB 0.88+0.035 
 SAPNRG 0.125+0.005 
 AT 0.195+0.01 
 MTRONIC-WA 0.09+0.015 
 KNM 0.23+0.02 
 PHB 0.030.00 
 INIX 0.33+0.065 
 EAH 0.03-0.005 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
PARTNERS & BROKERS