Mah Sing results in line with expectations

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KUALA LUMPUR: Mah Sing Group’s latest financial results have come in line with Maybank Investment Bank Research’s expectations.

The research house said after deducting the RM18.3mil distribution to perpetual sukuk holders, 1Q17 net profit of RM72mil was in line, accounting for 24%/20% of the house and consensus full-year estimates respectively.

The group’s first quarter locked-in property sales of RM410mil were also, on track to meet its minimum sales target of RM1.8bil for 2017.

“Management is keeping its sales target, supported by RM1.9bil worth of new launches to be rolled out from 2Q17 onwards. Unbilled sales stood at RM3.5bil at end-Mar 2017, 1.3 times of our FY17F revenue forecast.

“Net gearing was 0.18 times in end-Mar 2017 (from 0.19x in end- Dec 2016) after taking into account the RM540mil worth of perpetual sukuk,” Maybank said.

“We maintain our earnings forecasts and RM1.45 RNAV-target price (on an unchanged 0.6x P/RNAV). Maintain hold,” Maybank said.

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