KUALA LUMPUR (March 27): Maybank Investment Bank Research is maintaining its Hold call on MAH SING GROUP BHD []’s latest 4.3-acre land acquisition in Kota Kinabalu given its relatively high pricing.
It said development on the land, with an estimated RM300 million gross development value, is expected to enhance our earnings estimates by 1%-3%.
“Separately, we are concerned on the termination of the RM220 million in enbloc sale (or 96 units) for Icon Residence Mont Kiara(IRMK) due to rising sales risk in the Mont Kiara area.
“All in all, we adjust our earnings by -3% to +1.5%. Our RM1.77 TP is based on a 40% discount to our RM2.95 RNAV,” Maybank Research said.
It said development on the land, with an estimated RM300 million gross development value, is expected to enhance our earnings estimates by 1%-3%.
“Separately, we are concerned on the termination of the RM220 million in enbloc sale (or 96 units) for Icon Residence Mont Kiara(IRMK) due to rising sales risk in the Mont Kiara area.
“All in all, we adjust our earnings by -3% to +1.5%. Our RM1.77 TP is based on a 40% discount to our RM2.95 RNAV,” Maybank Research said.
