MAH SING SHARES UP ON RM2.4 BLN WORTH OF PROPERTIES LAUNCH IN 2022
KUALA LUMPUR, Jan 10 -- Mah Sing Group Bhd's shares on Bursa Malaysia went up in the early session today after the group announced its target to launch RM2.4 billion worth of properties this year.
As at 11.17 am, the counter rose 1.5 sen to 70.5 sen, with 888,500 shares changing hands.
In a filing with Bursa Malaysia on Friday, the property developer said it believes the pace of property market recovery would accelerate if global and domestic economic growth remains stable.
"We will continue to create affordable properties, recognising that the younger generation has a significant need for such residences," said the company.
Meanwhile, AmInvestment Bank said Mah Sing’s new sales of RM1.6 billion last year came in within expectations and as guided earlier, underpinned by the group’s strong execution model and residential projects targeted at strategic locations together with savvy pricing schemes according to market demand.
“We remain positive on Mah Sing’s property sales trajectory and glove manufacturing capacity expansion, given the group’s quick turnaround business model and higher selling price of medical gloves to key markets, which support the group’s future earnings,” it said in a research note today.
The research firm maintains its "buy” call for the group with an unchanged sum-of-parts (SOP)-based fair value of 95 sen per share and a neutral environmental, social, and governance (ESG) rating of three stars.
-- BERNAMA
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