Bursa Malaysia Stock Watch
Mah Sing (BUY) - Making a grand entrance to East Malaysia
kltrader
Publish date: Tue, 27 Mar 2012, 12:22 PM
kltrader
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Mah Sing (BUY)
Making a grand entrance to East Malaysia
MahSing has entered into an agreement to develop 4.26 acres of leasehold land in Harbour City, Kota Kinabalu, for RM39.0m or approximatelyRM210 psf.
Theyalso have an option to develop another 4.408 acres (RM216 psf. This wouldtotal RM830m of GDV, over a span of 5 years.
Theproject, Sutera Avenue,is expected to be similar in concept to 30 Jewels and Gourmet Street shops in the flagship Icon Cityproject in Petaling Jaya, and complemented by street mall retail lots andserviced apartments.
We maintain our forecastnumbers and RNAV for the time being, pending more concrete details regardingthe project. Maintain TP at RM2.44 (30%discount to RNAV). BUY
Source: HLIB Research 27 March 2012
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2012-03-27 22:16