MAHSING (8583) : Stronger Q4 sales for Mah Sing, says CIMB Research
KUALA LUMPUR: CIMB Equities Research said Mah Sing Group Bhd's results for the nine-months ended Sept 30, 2014 were in line with its expectations but above consensus as net profit made up 74% of its full-year forecast and 79% of consensus.
It said on Friday Mah Sing achieved new sales of RM2.45bil, which was 68% of its full-year target of RM3.6bil.
“We expect fourth quarter new sales to be stronger on the back of the conversion of the record bookings achieved in the second half of 2014,” it said.
CIMB Research pointed out Mah Sing had also proposed to undertake a rights issue with free warrants to raise up to RM630mil as well as a one-for-four bonus.
“We have tweaked our EPS forecasts for the conversion of ESOS and warrants. We retain our Add call and target basis of parity with RNAV.
“Mah Sing remains one of our top picks for the sector, with potential re-rating catalysts that include its 1) strong and consistent earnings growth, 2) record sales in the face of tough market conditions, and 3) aggressive landbanking efforts,” it said.
http://www.thestar.com.my
KUALA LUMPUR: CIMB Equities Research said Mah Sing Group Bhd's results for the nine-months ended Sept 30, 2014 were in line with its expectations but above consensus as net profit made up 74% of its full-year forecast and 79% of consensus.
It said on Friday Mah Sing achieved new sales of RM2.45bil, which was 68% of its full-year target of RM3.6bil.
“We expect fourth quarter new sales to be stronger on the back of the conversion of the record bookings achieved in the second half of 2014,” it said.
CIMB Research pointed out Mah Sing had also proposed to undertake a rights issue with free warrants to raise up to RM630mil as well as a one-for-four bonus.
“We have tweaked our EPS forecasts for the conversion of ESOS and warrants. We retain our Add call and target basis of parity with RNAV.
“Mah Sing remains one of our top picks for the sector, with potential re-rating catalysts that include its 1) strong and consistent earnings growth, 2) record sales in the face of tough market conditions, and 3) aggressive landbanking efforts,” it said.
http://www.thestar.com.my
