Bursa Malaysia Stock Watch

Mah Sing Group: Maintain Hold - A Good Start

kltrader
Publish date: Tue, 29 May 2012, 11:37 AM
kltrader
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Maintain HOLD. MSGB's reported 1Q12 net profit of MYR59.9m came in above expectations, accounting for 27-29% of our and consensus estimates. YTD locked-in sales of MYR1b are tracking its MYR2.5b 2012 target. MSGB's move into township development in a big way is a positive, as the more resilient sales will help to cushion the slowdown in its high-rise projects. We raise our earnings forecasts by 2-7%. Our TP is raised to MYR1.83 (+6sen; 40% discount to RNAV).

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Source: Maybank Research - 29 May 2012
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