HLBank Research Highlights

HLIB Retail Research – 30 Nov – Bullish Tracker

HLInvest
Publish date: Thu, 30 Nov 2023, 09:43 AM
HLInvest
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This blog publishes research reports from Hong Leong Investment Bank

MAHSING (8583, HLIB-BUY-TP RM1.00): Main market; Property

Mah Sing’s 3Q23 and 9M core PATAMI of RM49.9m (+5.5% QoQ; +15.8% YoY) and RM146.8m (+42.1% YoY), respectively were above ours (83.0% of full year forecasts) but within consensus (74.7%) expectations.

Maintain BUY with a higher TP of RM1.00 (from RM0.97) based on SOP valuation post earnings adjustments. We continue to like Mah Sing for its agile business model which allows it to adapt and pivot its launching strategy in response to the changing sector dynamics, with its forte in affordable housing developments at strategic locations

Furthermore, given the gradual improvement and turnaround in its manufacturing segment, this should help to alleviate investors’ concern on the performance drag from the segment.

Poised for a bullish triangle breakout; A successful breakout above 0.86 will spur greater upside towards 0.885-0.92-0.96 zones

✅Current price: RM0.835

✅Entry price: RM0.80-0.82-0.835

✅Resistance: RM0.885-0.92-0.96

✅Cut loss: 0.795

✅FY12/2024E P/E: 10x

✅FY12/2024E DY: 4%

✅Risk profile: Low

Source: Hong Leong Investment Bank Research - 30 Nov 2023

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