[%KDJv%] 
Research by TA 
Buy – TP of MYR 2.05

“Third Land Deal in 2024” 

Mah Sing has purchased 6.2 acres of leasehold land in Taman Desa, Kuala Lumpur for RM108mn, marking its third land acquisition in 2024. This newly acquired land is planned for a mixed development, which is expected to generate an estimated GDV of RM1.01bn. Overall, we are positive about the proposed acquisition, given its strategic location and reasonable acquisition price (land cost to GDV ratio of 11%). Maintain Buy with an unchanged TP of RM2.05/share, based on SOP valuation.

Analyst(s):
Thiam Chiann Wen 
[%bUoC%]

$KLSE-MAHSING 
Research by TA 
Buy – TP of MYR 2.05

“Third Land Deal in 2024” 

Mah Sing has purchased 6.2 acres of leasehold land in Taman Desa, Kuala Lumpur for RM108mn, marking its third land acquisition in 2024. This newly acquired land is planned for a mixed development, which is expected to generate an estimated GDV of RM1.01bn. Overall, we are positive about the proposed acquisition, given its strategic location and reasonable acquisition price (land cost to GDV ratio of 11%). Maintain Buy with an unchanged TP of RM2.05/share, based on SOP valuation.

Analyst(s):
Thiam Chiann Wen 
cwthiam@ta.com.my