Stock Name: MAHSING
Company Name: MAH SING GROUP BHD
Maintain Hold. Mah Sing's 2011 results came in as expected. It is targeting slower YoY growth in property sales this year, to RM2.5b (from RM2.3b in 2011, +46% YoY), in view of a less sanguine property market outlook. We lower our 2012-13 earnings forecasts by 6-8% post actual 2011 results. Our TP is unchanged at RM1.76 (40% discount to RNAV). Likely surprises could come from RNAV-accretive land deals.
Maybank Research 29 Feb 2012
Click here for full report
Company Name: MAH SING GROUP BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 1.76 |
Maintain Hold. Mah Sing's 2011 results came in as expected. It is targeting slower YoY growth in property sales this year, to RM2.5b (from RM2.3b in 2011, +46% YoY), in view of a less sanguine property market outlook. We lower our 2012-13 earnings forecasts by 6-8% post actual 2011 results. Our TP is unchanged at RM1.76 (40% discount to RNAV). Likely surprises could come from RNAV-accretive land deals.
Maybank Research 29 Feb 2012
Click here for full report
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