Bursa Malaysia Stock Watch

Mah Sing Group: Maintain Hold - On Track; Affordable Housing Is The Key

kltrader
Publish date: Fri, 17 Aug 2012, 10:13 AM
kltrader
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  • Maintain HOLD; raising TP to MYR2.38. Results tracked expectations, with 1H12 net profit of MYR120m (+42% YoY) accounting for 54-55% of our and consensus full-year estimates. Earnings visibility is decent on record unbilled sales of MYR2.7b (1.5x our FY13 forecast).
  • We raise our 2013-14 forecasts by 4.5-6.5% and TP by 55sen to reflect a lower discount of 30% (from 40%) to our MYR3.40 RNAV (+35sen).
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Source: Maybank Research - 17 August 2012
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