Bursa Malaysia Stock Watch
Mah Sing (BUY) - 4Q results
kltrader
Publish date: Wed, 29 Feb 2012, 04:07 PM
kltrader
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Mah Sing (BUY)
4Q results
- FY11 net profit rose 43% yoy to RM168.6m, in-line with consensus butmaking up only 91% of our FY11 estimate, due to their higher than expectedeffective tax rate of 29%.
- First and final gross dividend of 11 sen.
- Another record year in sales - RM2.26bn for FY11, but sales continued toslow down in 4Q. But with ~RM1.0bn in unconverted bookings, we believetheir FY12 sales target of RM2.5bn remains achievable.
- Given their intention to acquire land with RM5bn of GDV in 2012, webelieve there could be up to five acquisitions, focusing on the affordablehousing segment in Klang Valley.
- Rolling over our numbers, our FY12 earnings estimate is reviseddownwards slightly by 2% to RM241m, but key assumptions remain unchanged. Maintain target price at RM2.37 (maintain 30% discount to RNAV). BUY
Source: HLIB Research 29 Feb 2012
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