Posted by bone > 2013-09-20 10:10 | Report Abuse

where to check if using maybank?

Posted by YiStock > 2013-09-20 14:16 | Report Abuse

yes, for my case the dividend will appear in my public bank account.

Posted by YiStock > 2013-09-20 14:16 | Report Abuse

update your bank passbook should be able to tell

Posted by lwalk > 2013-09-20 17:08 | Report Abuse

divvy in... m2u

Posted by bone > 2013-09-20 17:13 | Report Abuse

haven't see anything on mine

Posted by Kutty123 > 2013-09-20 17:16 | Report Abuse

i got mahsing div in my cimb a/c..

Posted by Kutty123 > 2013-09-20 17:17 | Report Abuse

really wait this div for my 2 week food..haha

Posted by Kutty123 > 2013-09-20 17:22 | Report Abuse

can, so, have to topup on monday

Posted by jasgrafix > 2013-09-20 17:22 | Report Abuse

yeah...can up till 3.00???

Posted by bone > 2013-09-21 11:39 | Report Abuse

how come i don't see anything on mine yet..

Posted by YiStock > 2013-09-21 13:40 | Report Abuse

Bone, monday maybe

Posted by Alex Chan > 2013-09-21 13:59 | Report Abuse

property firms will be hit by curbs when the budget is announced. Avoid

Posted by YiStock > 2013-09-21 14:13 | Report Abuse

Bro Alex, let the smart people in mahsing figure out what to do...not the first time government curb property sector. 兵来将挡，水来土淹。。这是华商无法被取代的优点。

Posted by sephiroth > 2013-09-21 14:17 | Report Abuse

all this rpgt and dibs crap have mostly been price in, later when news come out, the share price might stabilise and go up aka sell on rumours buy on news

Posted by skyu > 2013-09-23 14:57 | Report Abuse

rpgt should be anything from 30% and above. no cash, no property. want property, pour in at least 30% downpayment with maximun 70% loan.

in dibs, many people just handover a cheque of rm10k ( roughly ) during s and p signing, and wait everything till key collection until you really service the mortgage loan.

when, there is no tenant nor rental is way below the market expectation, this is when force sell begin.

Posted by Lai Kim Chuan > 2013-09-25 21:39 | Report Abuse

（吉隆坡25日訊）馬星集團（MAHSING，8583，主要板房產）將在本週六（28日）為Savanna套房公寓計劃進行抽籤，配合這項抽籤活動在上週六進行的預選抽籤號碼更獲得民眾的熱烈迴響。

　這項已註冊的私人抽籤活動將在本週六，于Southville銷售中心的Nouvelle酒店進行，民眾有機會在週日預選購買房產單位。

　馬星集團在上週六（21日）進行的領取Savanna套房公寓預選抽籤號碼，受到民眾熱烈迴響，促使銷售辦公室引來人潮。

　這項活動是在上午10時開始，但從上午7時30分已開始出現人龍擠滿銷售辦公室走廊。

　馬星集團旗下最大城鎮首階段發展、即佔地428英畝的Southville City，推出956平方呎起的三房式套房，從28萬令吉起跳。

　每間套房附有2個停車位，4架空調，2個熱水器和2個淋浴屏。

　Southville City可直接通往南北大道，且距離吉隆坡市中心只需30分鐘車程。

Posted by Lai Kim Chuan > 2013-09-25 21:40 | Report Abuse

Year End RM3.50 TP

Posted by Kutty123 > 2013-09-25 21:42 | Report Abuse

must buy some to average down

Posted by skyu > 2013-09-25 23:04 | Report Abuse

too early to judge property play. let the budget 2014 goes through first and see how it goes.

Posted by mattky > 2013-09-26 10:21 | Report Abuse

agreed with skyu..wait and see

Posted by sephiroth > 2013-09-26 12:05 | Report Abuse

http://www.theedgemalaysia.com/business-news/256067-buyers-show-strong-interest-in-mah-sings-savanna.html

Posted by Kutty123 > 2013-09-26 12:06 | Report Abuse

too many news also wont make the price go up.

Posted by Kutty123 > 2013-09-26 17:02 | Report Abuse

today buy can?

Posted by KClow > 2013-09-26 17:04 |

Post removed.Why?

Posted by Kutty123 > 2013-09-27 10:26 | Report Abuse

when this stock going to recover?

Posted by timl > 2013-09-27 14:05 | Report Abuse

i guess everyone is waiting for the budget 2014..

Posted by Kutty123 > 2013-09-27 14:46 | Report Abuse

when is the budget 2014 come out?

Posted by timl > 2013-09-27 14:48 | Report Abuse

25 Oct, http://www.thestar.com.my/News/Nation/2013/06/19/2014-Budget-set-for-Oct-25-PM-also-announces-setting-up-of-Fiscal-Policy-Committee.aspx

Posted by Kutty123 > 2013-09-27 14:50 | Report Abuse

risky to buy now? worried will go down somemore

Posted by Kutty123 > 2013-09-27 17:15 | Report Abuse

this stock seem to be very very undervalue

Posted by Ti Bowen > 2013-09-27 17:37 | Report Abuse

Lack of power to push....

Posted by topseeker > 2013-09-27 18:22 | Report Abuse

mahsing is my epf stock... my retirement plan..

Posted by bsngpg > 2013-09-27 19:03 | Report Abuse

Topseeker: I like your idea. Hope you can elaborate further. TQ

Posted by DJDJ > 2013-09-27 21:18 | Report Abuse

PROPOSED ACQUISITION BY MAH SING DEVELOPMENT SDN BHD, A WHOLLY-OWNED SUBSIDIARY OF MAH SING, OF A PARCEL OF FREEHOLD LAND IN PLENTONG, JOHOR BHARU MEASURING APPROXIMATELY 35.26 ACRES FROM KIM SAN INVESTMENTS SDN BHD FOR A CASH CONSIDERATION OF RM365,550,150

Proposed to buy land in JB by Mahsing
http://klse.i3investor.com/servlets/anpth/941058.jsp

Posted by topseeker > 2013-09-28 00:41 | Report Abuse

i consistently buy 2000 to 4000 unit every month if it is under 2.30. So now i have accumulate about 16000 units. but i will still keep buying as this counter is super undervalue. now is the best time for accumulation and waiting for it to fly only. Patient is the key success in investing. Buy low sell high is always my top plan. This is just a piece of my advice. My target price is rm5 by 2 years time.

Reason why i Buy mahsing
1. rich landbank in Johor, Sabah, Klang Valley , Greater KL.
2. good management team and good track record.
3. properties which are hot selling like cake.
4. Good fundamental

This is my thought. Buy or not still depend on your hand. Happy Investing^^

Posted by bsngpg > 2013-09-28 09:26 | Report Abuse

Exchanging Views on Mahsing:
i) “U…BUY 2K-4K shares consistently….”
: You are much more discipline in this sense. I stop buying since Jun13, not because losing faith in it, instead I have had too much on hand. Luckily, this one carries good paper profit.

ii)“U…waiting to FLY…”
: I disagree on this perspective. I believe MSing will eventually up reasonably but will not fly based on its historical trend.

iii)“U…Buy low and SELL high..”
: I try hard to buy low but do not know how to sell high(or maybe do not want to).

iv)“U….UNDERVALUE….”
: Fully agreed.

v)“U….TP RM 5..”
: My TP in 2015 is RM3.1 with mkt cap ~4.4 bil(close to 5 bil aim). I got the clue from Mr Leong’s aim to grow MSing to 5 bil company in 2015 and also based on reasonable growth rate at 20% each year.

vi) “U…Patient=success...”
: Fully agreed with good counter as MSing. In fact I do not plan to sell it even at 3.10 be it now or in 2015. It is because I treat it as one of my retirement portfolio with consistent, growing and reasonable yield.
But then, I will definitely fall in a dilemma of sell or not to sell. Human behavior mah. Ha! Ha!

vii)“U…Reasons buying MSing..”
: my reasons
a) Mr Leong and his mgt team: reliable, consistent, capable and outstanding…
b) Continuous flow of news on new launching with hot response from buyers,
c) solid earning capability and records.
Rev growth rate(07-12):+16%, +14%, +8%,+58%,+41%,+13%,
PAT growth rate(07-12): +24%, +15%, +1%,+25%,43%,+37%
Net Margin(06-12) : 13.2%, 14.1%,14.3%, 13.4%,10.6%, 10.7%, 13%
d) Reasonable and growing dividend yield. Min. DPO is 40%. My ave yield now is 4.4%.
e) Manageable debt level especially for purpose of land acquisition
f) Housing industry may slow down sometime but will not die off and will pick up after bottom cycle seeing the young and growing population of M’sia.

Thks

Posted by sephiroth > 2013-09-28 09:35 | Report Abuse

i bought 2.28,2.18 and 2.05, looking to add more below 2.10 and some more near Budget 2014, below 2.00

Posted by bsngpg > 2013-09-28 10:12 | Report Abuse

I have the same plan to buy more if the price goes lower than 2.00 after the Budget. But I am still pondering between the "Warren B-concentrating on good counter" or "diversification".

Posted by kcchongnz > 2013-09-28 13:27 | Report Abuse

Posted by bsngpg > Sep 28, 2013 12:05 PM | Report Abuse

Hi KC Chong : My current biggest holding is Mahsing. I have strong faith in it and am very conformable with its current trend and biz, not perplexed as in GTronic and Zhulian. Anyway as I have the largest $ in it, if you would mind, I would like to see your valuation on Mahsing. Pls post it under the thread of Mahsing if you wound mind.

Look at the growth in revenue and net income of Mahsing from the table below:

Year 2012 2011 2010 2009 2008 2007 2006 2005 CAGR
Revenue,000 1775260 1570696 1110108 701562 651639 573365 495625 473491 24%
EBIT,000 307728 231501 176393 146398 138598 122994 97544 73354 21%
Net Income,000 230617 168556 118071 94282 93168 81126 65370 48346 23%

Mahsing is a very aggressive property development company. It has one of the most amazing growth story in Bursa. Revenue and net income has been growing at a compound annual growth rate of 24% and 23% respectively. Last year, its revenue is 1.8b and net income 232m. Few companies has shown such a high and consistent growth for such a long time over an economic cycle.

Its operating efficiencies are also not bad and improving throughout the years. Last year ROE and ROIC was 18.5% and 14.5% respectively, more than the costs of capital by quite a good margin.

Price wise, at a PE of 8.0 and enterprise value of 7 times ebit, it is inexpensive too. But why is it that its share price, now at RM2.20, doesn’t grow at the fast pace as its revenue and earnings?

The management of Mahsing has very high ambition, wanting to have a 3b revenue company in a short time to come. Generally most people view this as positive but not me. I have involved in construction before and know that big (in revenue) is not necessary good. Big in net income and cash flow is good for me. The more projects you have, the more headache you have. In order to grow very big, Mahsing keeps on borrow more money, its borrowing also reaching billion ringgit club soon, issue more shares and warrants. Interest payment were not made but rolled over each year and hence made the net income appears to be good (I guess only by looking at its financial statements). It uses the money to keep on buying land for development. What happen?

The Achilles’ heel of Mahsing is its cash flows. Imagine half the time the cash flow from operations (before capex) is negative because of increasing development cost and growth in receivables. So I don’t have to even talk about free cash flow which I value the most in making my investments decision.

I feel this kind of operation, seeking growth without caring about cash flow a very dangerous management decision. Imagine when we hit a serious recession. Think about another financial crisis. I like to look down rather than look up, caring more on not losing than winning big. I personally will not invest such a company because I always believe what Warren Buffet’s rules:

Rule no. 1: Never lose money
Rule no. 2: Always remember rule no. 1.

Of course this is just my personal opinion. I am often wrong in my opinion.

Posted by bsngpg > 2013-09-28 15:56 | Report Abuse

Hi KC Chong: Thank you very much. You were right-out spotted on. I am always looking for this kind of info for my investments, the potential risks of a biz. This is far more important than any potential profits. On Mahsing, I seldom or cannot find this kind of info in any analyst reports or newspapers. In fact I always have one big concern on Mahsing but have no mean to get the answer. The big concern is : “Mahsing built, newspapers reported great sale till have to buy by draw lot, BUT there must be some projects with some unsold units, where are they? How many are they? What are the stuck values? Where and how can I know this kind of info?”

To me the highest risk of a developer is after investing big $ in building but unsold. While you are stuck, loan interest is running. I read your message on”growth in receivables” as the unsold units but I am handicap to find/read this kind of info. Big shame and shit to myself. I will not let my kids to be as shit as their father; they have to learn finance at least one or two papers in university.

Increasing cost: On the other hand, I am OK with the increasing development cost seeing the increasing cost on raw mat, land and labor. As long as the net margin is still healthy, the increased cost has been off-set.

Interest payment: I guess Mahsing do serve interest as schedule for the active work only as I guess that interest can be not delayed and rolled over unless it is a default loan. I think it is a normal practice that Mahsing serves interest for loan portion of the in progress works but not the idle land for the subsequent phases. OR Mahsing do pay all interest as schedule but in the account, the paid interest for the future phases is not counted as cost of the current phase but rolling over till the future phase is launched.(Pls do not laugh at me, I admit that I am just simply shot by commonsense, sigh, why I wrote something no standard, malu lah).

Cash Flow: I opine that negative cash flow is a common nature of property developer as the free cash (assuming +ve margin and no unsold units) from the completed project was used to finance the subsequent projects. If there is one project only, there must be a free cash flow upon completion, assuming +ve margin and 100% sold out. I guess they do care about the cash flow but due to the nature of heavy spending for the subsequent projects, they have to live with it. What they can do is manage it properly for a balance point. This is very crucial but difficult and subjective. All risks are sitting on this. With the big size and fast growing rate as Mahsing, it is hard to manage with free cash.

Big borrowing: Leveraging on borrowing to earn more should be OK as long as the return is higher than cost of borrowing.

Serious recession hits : yes I have to agree this is Mahsing biggest challenge. Analyst said Mahsing has “manageable” debt level. I do not understand how to judge “manageable”. Due to my own deficiency, I have to take risk and accept what they said. I have to count on capability of Mr Leong in facing serious recession.

I always hesitate to talk about the above finance related topics as all I said is based on guessing only as I am an idiot when come to finance terms. If I have wrong understanding on the above, please enlighten me, I am eager to learn.

Thank you very much. I benefit a lot from your postings.

Posted by Stockwatch > 2013-09-28 16:36 | Report Abuse

Hi bsngpg,

Please do not be hard with yourself with regard to understanding the financial numbers.Sometimes we are stumped with numbers that we do not know what or where to start.I am sure you are an expert in your own area of speciality.What we need to do is to see the forest from the trees and assess the risk of the company and also the sector ie. property sector.It is critical for the company to have free cash flow to declare for the dividends, service the loans and acquire the land banks.The effect is how will the share price perform based on just a few simpistic factors to consider as there are a host of other factors influencing the cash flow.
But looking at it objectively just to digress a bit most property developers make money not from property launches etc.The big money is made from transfer pricing where the listed company buy land from private parties apparently on a willing buyer and willing seller basis.Some of these transactions are made with related parties and they have above average profits already which is round one. Round two is awarding the tender for the construction and development of the land ie. road building, infrastructure and building. These could be awarded to construction companies which the directors are "in the know".Lastly when the condominium for example the air conditioners and built-in kitchen cabinets which are part of the promotional launch package..guess what who is the supplier of the kitchen hobs etc?
It is perfectly legal by the way and it cascades down the level of profits.So that is something to think about when you choose to invest in a property counter compared to a bank which is heavily regulated and some banks have policies to reward their shareholders ie. 70% of net profits to be paid back as dividends. You can look at other sectors like rubber gloves, reits etc.if you are looking at dividends for your retirement planning.Just my comments and sharing.

Posted by kcchongnz > 2013-09-28 16:48 | Report Abuse

Posted by bsngpg > Sep 28, 2013 03:56 PM | Report Abuse

the potential risks of a biz. This is far more important than any potential profits.

WHEN MAHSING SAYS HE MADE 232M LAST YEAR, MY REACTION IS "SHOW ME THE MONEY". TOTAL NET INCOME FOR THE LAST THREE YEARS WAS 530M. BUT THE ACTUAL CASH IN LESS CASH OUT IS NEGATIVE OF 124M. WHERE DID MAHSING GOT THE MONEY FOR THE EXPENSES IN PROPERTY PLANT AND EQUIPMENT, TO PAY DIVIDEND ETC? YES YOU GOT IT, BORROW MORE. TOTAL DEBT-TO-EQUITY RATIO IS 0.73, QUITE HIGH IN MY STANDARD.

On Mahsing, I seldom or cannot find this kind of info in any analyst reports or newspapers. The big concern is : “Mahsing built, newspapers reported great sale till have to buy by draw lot, BUT there must be some projects with some unsold units, where are they? How many are they? What are the stuck values? Where and how can I know this kind of info?”

DO YOU BELIEVE IT ALL? SOMETIMES I FEEL WE HAVE TO BE SKEPTICAL IN PUTTING OUR HARD EARNED MONEY THERE. DON'T YOU AGREE?

I AM SKEPTICAL AS IT IS A COMMON PRACTICE FOR MANAGEMENT TO PROJECT ROSY PICTURES. IT IS ALSO COMMON THAT THE SALE OFFICE OFTEN SAY NEWLY LAUNCHED PROPERTIES ARE ALL SOLD WHEN THEY ARE NOT. I ALSO BELIEVE MANY ANALYSTS HAVE THEIR PERSONAL AGENDA. I ALSO KNOW ANALYSTS ARE PAID TO WRITE GOOD THINGS IN MANY CASES.

I read your message on”growth in receivables” as the unsold units but I am handicap to find/read this kind of info.

I SIMPLY SHOT ABOUT THIS. THE GROWTH IN RECEIVABLES CAN BE DEDUCED FROM THE DAY SALES OUTSTANDING. ACTUALLY DSO FOR MAHSING OF 82 DAYS NOT TOO BAD. IT IS ACTUALLY DECREASING.

As long as the net margin is still healthy, the increased cost has been off-set.

MARGIN APPEARS TO BE IMPROVING.

Interest payment: I guess Mahsing do serve interest as schedule for the active work only as I guess that interest can be not delayed and rolled over unless it is a default loan.

I SAID I WAS GUESSING ON THIS. YEAH I DIDN'T GO INTO DETAIL IN LOOKING AT THE ANNUAL REPORT AS IT IS TIME CONSUMING.

BUT LOOKING AT ITS FINANCIAL STATEMENT, MAHSING HAS TOTAL DEBTS OF 907M INCLUDING THE BOND. WHY IS THE INTEREST COST ONLY 2.2M? THAT LED ME TO THAT GUESSING WORK. I COULD GO INTO MORE DETAIL IN THE ANNUAL REPORT, AGAIN IF I HAVE TO DO ALL THIS FORENSIC THINGY EVERY TIME BEFORE I INVEST, IT IS VERY TIRESOME UNLESS I AM REALLY INTERESTED.

Cash Flow: I opine that negative cash flow is a common nature of property developer as the free cash (assuming +ve margin and no unsold units) from the completed project was used to finance the subsequent projects.

PERSISTENT POOR CASH FLOW IS NOT COMMON FOR PROPERTY COMPANIES AS YOU SAID. FOR EXAMPLE PLENITUDE AND DAIMAN BOTH HAVE EXCELLENT CASH FLOWS EVERY YEAR. MAHSING'S PROBLEM IS ITS AGGRESSIVE GROWTH STRATEGY.

I AM NOT SAYING IT IS NOT GOOD TO INVEST IN MAHSING. JUST THAT I LIKE MANY OTHER PROPERTY COMPANIES THAN THIS.

THE OTHER THING IS IT IS GOOD TO DIVERSIFY A BIT, NOT TO PUT ALL YOUR EGGS IN THIS BASKET AFTER HEARING MY POINTS OF ITS RISK IN POOR CASH FLOWS.

Posted by kcchongnz > 2013-09-28 17:03 | Report Abuse

Many businesses went bankrupt, not because they are not making money. Many of them make money. Then they get too ambitious. they expand too fast. Cannot handle the fast growth. Cash flow problems emerges and boom they went bust because of short of cash to roll over.

This often happen when there is a financial crisis. Think of the recent crisis in 1986, 1998 and 2008. How many companies went bankrupt?

Isn't there any risk at all if a company has high borrowing and without adequate cash flow to cover interest payment?

Posted by bsngpg > 2013-09-28 17:14 | Report Abuse

Jogging now at Pattaya Sexy beach again. Cannot wait to thank you
first, this time the thanks with scent of sexy ladies.

Posted by kcchongnz > 2013-09-28 17:21 | Report Abuse

Hey how long already you have been in Pattaya Beach? Not wanting to miss the sexy ladies?

Posted by tonylim > 2013-09-28 17:27 | Report Abuse

Bsn.. make sure they are really ladies.
Strike a conversation then you will know.

Chk for botox therapies

Posted by bsngpg > 2013-09-28 20:04 | Report Abuse

Hi Stockwatch: Thank you very much for your kind comment. I do agree with you that Banking sector is much safer than others as they are tightly regulated by Bank Negara. Looking on its safety and reasonable dividend yield, banking sector makes up one of the key portion of my portfolio.
May you elaborate why you recommend rubber gloves. Post it under thread of Hartalega if you do not mind.
Namo Amitabha.

Posted by bsngpg > 2013-09-28 20:05 | Report Abuse

Tonylim : I do not underatand "chk for Botox Therapies"?

Posted by bsngpg > 2013-09-28 20:24 | Report Abuse

To all: pls do not get confused by our discussion. All in all, Mahsing is still a great company in most of the aspects, just imperfect with negative cash flow. I believe there are many companies with negative cash flow in Bursa which can last long and grow successfully. Pls do your own assessment; negative cash flow is not a forbidden factor in biz world but definitely need extra attention.

Most of the members do not understand and always complained about the dull price performance of Mahsing, maybe the negative cash flow is the reason behind.

Good luck.

Posted by bone > 2013-09-28 23:08 | Report Abuse

haven't receive my dividen untill now .. something is wrong?