[%nCdG%]                
Research by Kenanga
Market Perform – TP of MYR 1.88

“Buying Taman Desa Land for RM109m” 

MAHSING is acquiring 6.2 acres of land in Taman Desa, Kuala Lumpur, for RM108.7m cash, to be developed into high-rise residential units with an estimated GDV of RM1.0b. We believe it is paying a fair price for the land. We maintain our forecasts but raise our TP by 0.5% to RM1.88 (from RM1.87). Maintain MARKET PERFORM.

Analyst(s):
Clement Chua 
[%GBKl%]

$KLSE-MAHSING                
Research by Kenanga
Market Perform – TP of MYR 1.88

“Buying Taman Desa Land for RM109m” 

MAHSING is acquiring 6.2 acres of land in Taman Desa, Kuala Lumpur, for RM108.7m cash, to be developed into high-rise residential units with an estimated GDV of RM1.0b. We believe it is paying a fair price for the land. We maintain our forecasts but raise our TP by 0.5% to RM1.88 (from RM1.87). Maintain MARKET PERFORM.

Analyst(s):
Clement Chua 
clement.chua@kenanga.com.my