Mah Sing Group BUY
Price target RM1.80
Share price at 30 Jul RM1.49
Investment summary
H108 net profit was 4-8% ahead of HLG/consensus forecast, supporting our BUY rating on the stock. We continue to like Mah Sing: its share price has fallen -40% from its H207 peak, translating into sub-sector 6x FY08E PE and 5% net DY; (2) >30% EPS growth, driven RM1bn unbilled sales and RM600m to RM800m pa in planned property launches. Current share price of RM1.49 is a small premium to BV of RM1.11/share.
We are neutral on Malaysia’s property sector, as share prices have corrected to historical troughs, despite earnings growth visibility.
Bargain hunting
One of the cheapest big-cap property developers in Malaysia with 5% DY and >30% EPS growth backed by unbilled sales of RM1bn, double 07’s revenue and annual launches between RM600m-800m.
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Friday, 29 August 2008
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