Mah Sing / Leong Hoy Kum

Mah Sing / Leong Hoy Kum

Postby winston » Thu May 26, 2011 10:46 am

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Mah Sing Group [MSGB MK] - Buy : Good head start in 1Q11( RM2.59 / PT: RM3.08 ) by Jacinda Loh

Results were in line with us and consensus; sales up to mid-May made up half of full year target of RM2bn.

Unbilled sales and remaining GDV grew 23% and 24%, respectively, from 4Q10.

We will be visiting its preview of its RM700psf SOHOs at M City tomorrow to get on the ground color.

Mah Sing remains our top pick in the Malaysian property space for a solid re-rating story and relatively palatable valuations.

Source: Nomura
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Re: Mah Sing

Postby winston » Tue Jun 10, 2014 6:42 pm

Mah Sing expects building costs to go up regardless of GST

KUALA LUMPUR: When the goods and services tax (GST) is implemented next year, prices are expected to rise by 4% for residential and 6% for commercial properties on the back of higher construction costs, according to Mah Sing Group Bhd.

The price hike was particularly for projects which developers have not factored in the GST impact.

Corporate and investment executive director Datuk Steven Ng Poh Seng said that even without the GST, material costs were already expected to go up.

“It is not a new thing because of the higher fuel prices and natural gas tariff which have a direct impact on construction costs,” he said in a media conference at Invest Malaysia 2014.

Ng pointed out that last year the increase in construction costs was about 3% triggered mainly by the 20 sen fuel subsidy cut and labour shortage, resulting in higher labour costs.

This year, he said, the market could expect a 1% increase in prices contributed by the electricity hike and 0.5% increase from natural gas tariff hike. “If there is another 20 sen cut in fuel subsidy, that would add a further 1.5% in price hike, so adding all up, we may see a 3% increase overall this year.

The effect on Mah Sing’s property prices, he added, would be a 2.25% increase. This was assuming a gross margin of 25% and that any increase in cost or subsidy cut would affect the price or margin by 0.75% of the increase in cost or subsidy cut, the company explained.

That said, Ng believed demand for properties was not expected to be impacted by the rise in property prices as the gap between demand and supply for the mass market was still big.

Source: The Star
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Re: Mah Sing

Postby winston » Sat Aug 30, 2014 6:58 am

Mah Sing Q2 net profit rises to RM84.7mil

KUALA LUMPUR: Mah Sing Group Bhd’s second quarter ended June 30, 2014 net profit was up 21.4% to RM84.73mil from RM69.82mil a year ago.

In a filing to Bursa Malaysia on Friday, the property group said its revenue for the period was up 48% to RM705mil from RM475.74mil a year earlier.

Earnings per share stood at 5.93 sen against 5.16 sen the same period last year.

For its first half year, its net profit rose 21.1% to RM168.76mil from RM139.3mil while revenue was up 50% to RM1.34bil from RM898.89mil a year ago.

Commenting on its six months performance, the group said revenue from property development is about RM1.2bil, marking near to 57.3% improvement as compared to about RM758.8mil achieved last same period last year.

Its said the improved revenue is attributable to the higher work progress from the group's ongoing development projects.

“The group has announced acquisition of three lands to-date in 2014, namely 85 acres in KGSSAAS Golf Course Shah Alam, 960 acres in Seremban for its biggest township in the central region, and 88.7 acres behind IOI Mall in Puchong, with the right for an additional 170.58 acres next to the land.

“Arising from the proposed land acquisitions, thegGroup's landbank would increase to 3,720 acres,” it said.

Meanwhile, its plastics segment continued to contribute positively to the revenue and operating profit of the group.

“Revenue grew by 4.8% from about RM119.3mil to RM125mil over the corresponding quarter last year as a result of higher pallet sales,” it said.

Moving forward, the group expects property sales momentum to be strong ahead of GST implementation.

“With projects in multiple growth corridors offering the right product mix that appeal to a wide market, coupled with strong financial discipline, the group is well placed to benefit from the market opportunities.

“Additionally, backed by the group's experienced entrepreneurial approach and excellent track record in execution, the group is and remains responsive to developments in the market environment,” it noted.

Source: The Star
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Re: Mah Sing

Postby winston » Sun Sep 14, 2014 7:06 am

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AmResearch maintains Buy on Mah Sing

KUALA LUMPUR: AmResearch has maintained its Buy on Mah Sing Group with an unchanged fair value of RM3.90 per share, and plans to maintain its 2014F new sales target of RM3.6bil vs RM3bil achieved in 2013.

"The group achieved RM1.5bil in sales for 1H14, and excludes another RM708mil achieved during the official launch of Lakeville [email protected] Wahyu last month.

It said buying momentum is set to accelerate in 2H14, anchored by six new launches: (i) D’sara Sentral serviced apartments, (ii) Canal Link @ M Residence; (iii) Meridin Bayvue @ Sierra Perdana; (iv) Bandar Meridin East, Pasir Gudang; (v) The [email protected] Southbay City; and (vi) Feringghi Residence – Precinct 2.

"We believe the strong take-up rates for Mah Sing’s launches will be sustained with key focus on the affordable/mid-range segment. Circa 87% of its residential launches for this year will be priced at RM1mil or below.

"A few of Mah Sing’s recent key launches have registered strong take-up rates. As an example, the official launch of Lakeville Residence in mid-August achieved an 85% take-up rate for the first four tower blocks (1,244 units)," it said.

Similarly, demand for the upcoming launches at Southville [email protected] should improve once the proposed interchange to the North-South Highway takes shape.

Year-to-date, the group has snapped new landbank with a combined GDV of RM19bil vs RM9bil for 2013.

"This has boosted Mah Sing’s GDV pipeline to RM50bil.

"Despite its aggressive landbanking moves, Mah Sing’s net gearing remains decent at 0.2 times as at June 30, 2014, below its internal threshold of 0.5 times," it said.

Source: The Star
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Re: Mah Sing

Postby winston » Wed Apr 13, 2016 9:01 pm

Mah Sing targets homes costing below RM500,000

BY INTAN FARHANA ZAINUL

KUALA LUMPUR: Mah Sing Group Bhd is targeting to launch RM2bil properties this year with 50% priced below RM500,000.

"In the next two years we are focusing on the affordable house segment to capture the current market demand," executive director Datuk Steven Ng told reporters at Invest Malaysia 2016.

He said the consumer sentiment might have reached the bottom, hence there was no need for more cooling measures for the property market.

The house price index had dropped to 5.8% in 2015 from 11.8% in 2012.

Ng said Mah Sing has unbilled sales of RM4.75bil which could last the company for the next two to three years.

Source: The Star
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Re: Mah Sing

Postby winston » Fri Jul 08, 2016 8:10 am

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Mah Sing ups the ante

BY EUGENE MAHALINGAM

Mah Sing is sitting on a cash pile of RM1.1bil and has a near-negligible net gearing of 0.09 times, would be promoting its products “aggressively”.


The company was looking to tie up with the Government and build affordable homes for the mass market.


The Government had a lot of land, adding that a tie-up at this point would be beneficial to both parties.


Source: The Star

http://www.thestar.com.my/business/busi ... -the-ante/
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Re: Mah Sing

Postby winston » Sat Oct 15, 2016 12:39 pm

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Mah Sing Group Bhd has unbilled sales of RM4.8bil as of May, 2016.

Macquarie Research forecasts the group’s net gearing to be between 4% and 5% from 2016 to 2018.

The affordable housing segment accounts for 50% of Mah Sing’s financial year 2016 launches, according to Macquarie.

Source: The Star
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Re: Mah Sing

Postby winston » Sun Feb 05, 2017 10:25 pm

TAN SRI LEONG HOY KUM
Flagship: Mah Sing Group Bhd
Net worth: RM1.22bil

The “Year of the Rooster” heralds the pinnacle of Mah Sing Group Bhd’s transformation that started three years ago.

The 60-year-old group managing director and chief executive officer of Mah Sing, Tan Sri Leong Hoy Kum, is poised to allow his children to play a bigger role in the management of the company.

A seasoned hand in the property development segment, Leong is rather optimistic about this year.

He took Mah Sing from being a pure manufacturer of plastic products to getting listed and now a notable property player.

Leong, who gave up a chance to further his education overseas in the 1980s to specialise in the manufacturing of plastic products, took a liking for property in the 1990s.

He went through a property crash in 1998 and learnt to read the market well. In the last two years, he has adopted a cautious strategy, not launching any new projects in new areas.

Mah Sing had initially set a sales target of RM2.3bil last year. However, it scaled the target down to RM1.8bil on the back of a slow property market.

It only launched new phases in existing projects that were up and running. And the last time Mah Sing launched a brand new project in a new location was back in 2015.

Leong’s strategy to be cautious has paid off, as Mah Sing now enjoys a strong balance sheet with negligible gearing.

A realist, Leong’s main goal for 2017 is to maintain or improve on Mah Sing’s sales last year.

Leong is now focused on steering Mah Sing to build more affordable properties to cater to consumer demand, as well as to better withstand the property slowdown.

The group has 2,473 acres of remaining undeveloped land, which has a combined remaining gross development value and unbilled sales of RM30.9bil, which can support the company’s revenue growth for eight to nine years.

Source: The Star
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Re: Mah Sing / Leong Hoy Kum

Postby winston » Sun Jan 05, 2020 9:11 am

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Mah Sing Group Bhd
Price: 69.5 sen

Mah Sing is a value stock trading at 40% to its book value while still giving a potential dividend yield of 5%.

Do note that the numbers already took into consideration that corporate earnings PATAMI had fallen 45% from its high four years ago.

This is in line with the current property market condition which is very challenging.

It is during challenging times that we can differentiate between proactive and passive management.

Mah Sing has tweaked its product range to match market demand for mid-end and affordable housing.

The company is also aggressive in selling its products at home exhibitions and shopping complexes. So far, its affordable products in the Klang Valley were well-received, registering strong take up rates of above 80% (M Vertica, 83% for the first three blocks and M Centura, 90%).

Hence, in its latest quarterly results announcement, Mah Sing recorded new property sales of RM375mil in the third quarter of 2019 (-18% quarter on quarter, +36% year-on-year (y-o-y), bringing the nine months to 2019 sales to RM1.1bil (-7% y-o-y).

We believe in buying for the future rather than worry about the current depressed market.

All markets, inclusive of the property sector, are cyclical and the future could only change for the better.

Part of the problem with the Malaysian property market is the mismatch between demand and supply as there is a large supply of unaffordable units while there is a low supply of the affordable units. The government has to come up with a solution to bridge the gap.

For those looking for long-term investment with yield, why buy a property at market value yielding 4% to 5% when you can get the property developer which owns land at 60% discount and still provide a 5% yield?

Source: TA Investment Management
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