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【MAHSING 8583 交流专区】马星集团
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发表于 24-6-2008 02:56 PM
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Tuesday June 24, 2008
Mah Sing sees RM560m sales
It is selectively bullish about property sector in 2008 and 2009
KUALA LUMPUR: Mah Sing Group Bhd targets RM560mil sales out of RM706mil worth of properties to be launched this year, as it is “selectively bullish” about the property sector in 2008 and 2009, managing director Datuk Seri Leong Hoy Kum said.
Despite rising inflation and fuel prices, its sales and launch targets were on track, with the group raking RM116mil in sales and RM201mil in launches for the first quarter, he said.
“The group’s focus on customer-centric homes and value investments has resulted in strong sales for both the group’s residential and commercial projects,” he said after the company AGM yesterday.
Leong said the group had been closely monitoring the increase in building material prices over the past year and had been building ahead of schedule to lock in construction costs.
On rising fuel prices and inflation, he said good property companies with innovative products and the flexibility to adjust to current market needs should emerge stronger.
“Things may not be all that bad for the property sector. Not only are the banks in good shape, households are not over-extended. The ratio of household debt to gross domestic product in our country is very low compared with countries like Britain and the US,” he said, adding that the group would be able to maintain its performance.
Mah Sing reported a 24% year-on-year increase in net profit to RM81.13mil. For the first quarter ended March 31 its net profit jumped 25% to RM22.31mil.
It has 584 acres of land bank left with a total gross development value (GDV) of RM3bil and unbilled sales of RM1bil as at March 31.
On its Southgate Commercial Centre, Leong said it had seen a strong take-up of RM40mil during its private preview for the Vivo block.
The recent launch of the Vox block also saw about RM78mil sales or 70% of available retail units and office suites sold. It is talking with some foreign parties to sell en bloc two of the five blocks.
“We’ve nine months to build the car park. This would be a window period for the rising cost of construction materials to cool off,” he said. He however noted that if costs kept rising, future launches would inevitably be more expensive.
Mah Sing’s residential properties also saw strong sales. For example, the first phase of Hijauan Residence in Cheras is 99% sold while launched units in Kemuning Residence in Shah Alam is 75% sold. Launched units in Sierra Perdana in Johor Baru also saw take up of 71% in sales value.
http://biz.thestar.com.my/news/story.asp?file=/2008/6/24/business/21632777&sec=business |
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发表于 5-7-2008 04:34 PM
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股息有8sens，但这几天都在跌。。
这股不错的说。销售成绩亮丽。。
小妹在槟城看到了在山玻上大大个 “SOUTHBAY“。。 掂啊！ |
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发表于 5-7-2008 06:56 PM
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发表于 5-7-2008 07:25 PM
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回复 603# johnny-chia 的帖子
吃股息都不错 |
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发表于 5-7-2008 09:15 PM
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烂 股 来 的， 还 买 干 吗？ 是 好 的 话 早 就 爬 爬 爬 上 了 的 啦！ 哈 哈！ |
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发表于 6-7-2008 12:20 AM
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发表于 6-7-2008 01:12 AM
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发表于 6-7-2008 08:00 AM
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你 们 买 进 或 看 好 这 只 股 是 以 基 本 面 还 是 看 技 术？ |
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发表于 6-7-2008 02:24 PM
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发表于 6-7-2008 02:35 PM
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发表于 6-7-2008 05:35 PM
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回复 610# blackcat98 的帖子
槟岛寸土是金。。
但槟城人似乎对马星这个豪华发展计划毫无认识。。。
甘豪的发展计划应该是被热烈讨论才是的.. |
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发表于 11-7-2008 03:05 AM
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这个project是否已经动工？？？？应该在槟城的butterworth那边。。。。 |
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发表于 28-7-2008 08:57 AM
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Reserves to help Mah Sing enter new markets
MAH Sing Group Bhd will be using its strengthening cash reserves to expand into new market frontiers in east Malaysia and Vietnam next year.
The company's cash pile of RM130.7mil as at March 31 will receive a boost with the scheduled completion of the en bloc sale of the east wing of The Icon@Tun Razak for RM236mil to Prompt Symphony Sdn Bhd by middle of next year.
Mah Sing's cash position was strengthened by a RM200mil capital raising exercise and proposed sale of two Grade A office buildings, The Icon@Tun Razak and The Icon@Mont'Kiara, for RM735mil last year.
Given the company's low gearing ratio of 0.03 times compared with the industry norm of 0.5 times, Mah Sing could also resort to bank borrowings for its regional expansion plans.
Datuk Seri Leong Hoy Kum
President and group chief executive Datuk Seri Leong Hoy Kum said the company was on track to become a regional lifestyle developer and some potential projects had been identified.
“We are in a very good position to make some opportunistic acquisitions.
“It is a good time to lock in land which have recently dropped in value and by the time the projects are launched in 2010, the regional economy should recover from the current slowdown,” Leong told StarBiz.
He said the company had been closely monitoring the situation in Vietnam and believed the country would recover from its current economic doldrums in the next six to nine months.
“There is still a severe shortage of houses for the country's 85 million people and our plans are to build landed residential projects and Grade A office buildings in high-growth cities,” he added.
Leong said Mah Sing was also looking at other strong growth countries including China, India and Indonesia.
In the next five years, the company's overseas projects will contribute 20% to 30% of group revenue.
Locally, Mah Sing is eyeing opportunities in Sabah and Sarawak to take advantage of the growth to be brought about by the Sabah and Sarawak growth corridors.
“The Sabah Development Corridor and the Sarawak Corridor of Renewable Energy have already attracted more than 30 foreign investors to each of the corridor.
“Kota Kinabalu's strong tourism sector offers big potential for the company to build its brand of themed commercial developments that include hotels, service apartments and shop offices,” he said.
Meanwhile, Mah Sing's 584 acres of undeveloped land bank have the potential to generate RM3bil in gross development value over the next five to seven years.
For the current financial year ending Dec 31, the company is looking at recording sales of RM560mil while new project launches will come up to RM706mil.
Citigroup Research, in a recent note, said that backed by high unbilled sales of RM1.1bil as at 31 March, Mah Sing could look forward to a three-year net profit compounded annual growth rate of 21%. |
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发表于 28-7-2008 09:46 AM
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发表于 30-7-2008 05:56 PM
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Wednesday July 30, 2008 MYT 5:26:42 PM
Mah Sing’s Q2 profit up 82%
KUALA LUMPUR: Mah Sing Group Bhd reported profit after tax after minority interest of RM37.3mil for the second quarter ended June 30, on the back RM195.4mil revenue.
This represented an 82% increase over the RM20.4mil in the corresponding quarter of last year and a 67% increase over the RM22.3mil over the first quarter ended March 31, it said in a statement.
Mah Sing attributed the improvement to contributions from both residential and commercial projects.
It has a cash pile of RM145.76mil and low gearing of only 0.14 times as at June 30, it said, allowing the Group to hypothetically raise an additional RM250mil to reach an optimal gearing level of 0.5 times.
It received RM42mil cash for its The Icon Jalan Tun Razak project, with the remaining balance of RM195mil to be received, which would put it in an even better cash position for further Expansion, Mah Sing claimed.
To date, 18 of 20 levels have been constructed, with completion expected in the first half of 2009.
In 2007, the Group locked in a landbank that could give them a GDV in excess of RM2bil, and this year purchased one piece of land in Johor Baru next to its existing matured township development Sri Pulai Perdana to capture spillover demand that gives it a GDV of approximately RM185mil.
It will be looking into Sabah and Sarawak and any potential growth locations overseas. The Group said it currently has nine projects in the Klang Valley, four in Johor Bahru in Iskandar Malaysia and one in Penang.
“We can hunt for good land for our expansion, but we are not in a hurry as we have sufficient locked-in sales to last us for another two years,” said Mah Sing group managing director and group chief executive Datuk Seri Leong Hoy Kum.
“Our undeveloped land bank of 574 acres worth RM2.9bil will be developed over the next five to seven years.”
Mah Sing has unbilled sales of approximately RM1bil as at June 30 2008 and a remaining GDV of RM2.9bil.
“We are reasonably sheltered with our strong cashflow and high locked in sales which will buffer us for the next few years. We are also lucky that due to our pre-planning and pre-construction, we are able to continue launching our products at pre-material increase prices.
“Moving forward, we will continue to be prudent while taking calculated risks,” said Leong.
http://biz.thestar.com.my/news/story.asp?file=/2008/7/30/business/20080730151613&sec=business |
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发表于 30-7-2008 05:58 PM
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SUMMARY OF KEY FINANCIAL INFORMATION | 30/06/2008 |
| INDIVIDUAL PERIOD | CUMULATIVE PERIOD | | CURRENT YEAR QUARTER | PRECEDING YEAR
CORRESPONDING
QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR
CORRESPONDING
PERIOD | | 30/06/2008 | 30/06/2007 | 30/06/2008 | 30/06/2007 | | RM'000 | RM'000 | RM'000 | RM'000 | | 1 | Revenue | 195,421 | 144,537 | 336,086 | 286,098 | | 2 | Profit/(loss) before tax | 52,861 | 29,065 | 83,776 | 54,061 | | 3 | Profit/(loss) for the period | 37,331 | 20,883 | 59,648 | 39,044 | | 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 37,247 | 20,421 | 59,556 | 38,335 | | 5 | Basic earnings/(loss) per share (sen) | 5.99 | 4.00 | 9.58 | 8.10 | | 6 | Proposed/Declared dividend per share (sen) | 0.00 | 0.00 | 0.00 | 0.00 |
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| AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | 7
| Net assets per share attributable to ordinary equity holders of the parent (RM) | 1.1100 | 1.0100 |
Note: For full text of the above announcement, please access Bursa Malaysia website at www.bursamalaysia.com
http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/48256E5D00102DF448257496001A11CA?OpenDocument |
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发表于 30-7-2008 08:19 PM
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看来没有下错注。 |
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发表于 30-7-2008 11:55 PM
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Mah Sing’s Q2 profit up 82%
KUALA LUMPUR: Mah Sing Group Bhd reported profit after tax after minority interest of RM37.3mil for the second quarter ended June 30, on the back RM195.4mil revenue.
This represented an 82% increase over the RM20.4mil in the corresponding quarter of last year and a 67% increase over the RM22.3mil over the first quarter ended March 31, it said in a statement.
Mah Sing attributed the improvement to contributions from both residential and commercial projects.
It has a cash pile of RM145.76mil and low gearing of only 0.14 times as at June 30, it said, allowing the Group to hypothetically raise an additional RM250mil to reach an optimal gearing level of 0.5 times.
It received RM42mil cash for its The Icon Jalan Tun Razak project, with the remaining balance of RM195mil to be received, which would put it in an even better cash position for further Expansion, Mah Sing claimed.
To date, 18 of 20 levels have been constructed, with completion expected in the first half of 2009.
In 2007, the Group locked in a landbank that could give them a GDV in excess of RM2bil, and this year purchased one piece of land in Johor Baru next to its existing matured township development Sri Pulai Perdana to capture spillover demand that gives it a GDV of approximately RM185mil.
It will be looking into Sabah and Sarawak and any potential growth locations overseas. The Group said it currently has nine projects in the Klang Valley, four in Johor Bahru in Iskandar Malaysia and one in Penang.
“We can hunt for good land for our expansion, but we are not in a hurry as we have sufficient locked-in sales to last us for another two years,” said Mah Sing group managing director and group chief executive Datuk Seri Leong Hoy Kum.
“Our undeveloped land bank of 574 acres worth RM2.9bil will be developed over the next five to seven years.”
Mah Sing has unbilled sales of approximately RM1bil as at June 30 2008 and a remaining GDV of RM2.9bil.
“We are reasonably sheltered with our strong cashflow and high locked in sales which will buffer us for the next few years. We are also lucky that due to our pre-planning and pre-construction, we are able to continue launching our products at pre-material increase prices.
“Moving forward, we will continue to be prudent while taking calculated risks,” said Leong. |
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发表于 31-7-2008 09:10 AM
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长期来说，mahsing的风险控制还是处于可控制的范围内，我们等待越南的局势稳定后就可以期待mahsing在外头的发展了。 |
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发表于 31-7-2008 01:18 PM
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Mah Sing Group
Strong 2Q boosted by The Icon, Tun Razak
Buy (unchanged)
TP: RM1.74 (previously RM1.90)
Current Price: RM1.49
- Mah Sing (MSG) reported a 2Q08 net profit of RM37.2m (+82.4% YoY, +67% QoQ), within our and consensus expectations.
- Expect 2H net profit to normalize as 2Q was boosted by accumulated revenue recognition of The Icon, Tun Razak's (TITR) (East Wing) as the SPA with KFH became unconditional.
- Maintain Buy with a lowered TP of RM1.74 (previously RM1.90) as we roll over our valuation period to mid-2010 on unchanged 9x PER.
Jump in 2Q net profit. MSG recorded a jump in 2Q08 net profit (+82.4% YoY,
+67% QoQ). This was achieved on RM195m in revenue (+35% YoY, +38.9%
QoQ) with 14 ongoing development projects. Despite rising construction cost
concerns, EBIT margin in 2Q improved to 27.5% (vs. 22.9% in 1Q08 and
20.6% in 2Q07), boosted by the high margin development commercial projects
like TITR. For IH08, net profit was RM59.6m (+55.4% YoY), and met 54.9% of
our 2008 forecast. 1H08 EBIT margin was 25.6%, up 6 ppt YoY.
Results within expectation. We highlighted this possible jump in 2Q earnings
in our report dated 30 May ’08, boosted by accumulated revenue recognition of
TITR (East Wing) development as MSG fulfilled the conditions precedent of the
Sales and Purchase Agreement (SPA) signed with KFH last year. To-date,
construction work has progressed well, having completed level 18 of 20, and
slated for completion in mid-2009. We estimate that MSG recognised some
RM55m in revenue for TITR (East & West Wing combined) in 2Q08.
Softer 2H. We are maintaining our FY08 net profit forecast in anticipation of: (i)
a normalised revenue recognition for TITR and (ii) potential margin squeeze on
rising raw material cost. MSG has revised down its target launches for 2008 to
RM614m from RM706m previously (-13%). Legenda@ Southbay launch has
been deferred to 2009 pending the authorities’ approval while better-thanexpected
take-up at its Southgate project (achieved RM107m sales with since
launch in Mar ’08) has prompted management to expedite new launches.
Maintain Buy. In 2Q08, MSG enjoyed brisk sales of RM147m (+32% YoY,
+27% QoQ), bringing total 1H08 new sales to RM263m (+19% YoY). With an
unbilled sales of RM1b, MSG’s earnings are visible over the next 3 years. Our
FY10 forecast has yet to impute future landbanking and the imminent Vietnam
venture, which could lead to an upward earnings revision. MSG's FY07 final
gross DPS of 8sen will go ex- today, while we expect a 5.5% gross yield for
2008.
Mah Sing – Summary Earnings Table
FYE Dec (RM m) 2006A 2007A 2008F 2009F 2010F
Turnover 495.6 573.4 702.8 826.7 736.2
EBITDA 107.2 132.6 167.4 200.7 171.7
Pretax profit 93.3 117.7 150.4 183.7 154.7
Net profit 65.4 81.1 108.5 132.4 109.9
Net profit - Ex EI 65.4 81.1 108.5 132.4 109.9
EPS - Ex EI (sen) 17.9 14.8 17.5 21.3 17.7
FD EPS (sen) 14.3 14.1 17.2 21.0 17.4
FD EPS growth (%) 30.9 (1.3) 22.1 22.0 (17.0)
PER (x) 8.3 10.1 8.5 7.0 8.4
FD PER (x) 10.4 10.6 8.7 7.1 8.5
EV / EBITDA (x) 5.8 6.6 5.0 3.6 3.7
Div. Yield (%) 3.4 5.4 5.5 6.7 5.5
Gearing (%) 24.8 (7.4) (13.0) (25.6) (34.7)
ROE (%) 20.7 12.9 15.5 16.8 12.8
Net profit revision (%) n.a. n.a. n.a. n.a. n.a.
Consensus Net Profit (RM m) n.a. n.a. 105.9 142.1 158.8
Source: Aseambankers |
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