[%LGqM%] 
Research by RHB
Buy – TP RM 2.26

" Awaiting More DC Deals To Come; BUY”

Maintain BUY and MYR2.26 TP, 39% upside and c.3% yield. 2Q24 results were within expectations. We expect news flow of its investment in the data centre (DC) segment to continue driving investor interest in the stock. Following the 100MW with Bridge DC, Mah Sing is now in advanced negotiations for the next plot of land in Southville DC Hub (capacity: 90MW). In Johor, about 42.5 acres of land in Meridin East could be up for sale to a DC player as well. Substantial land sale gain could be booked in FY25F

Analyst:
Loong Kok Wen CFA
[%uYxV%]

$KLSE-MAHSING 
Research by RHB
Buy – TP RM 2.26

" Awaiting More DC Deals To Come; BUY”

Maintain BUY and MYR2.26 TP, 39% upside and c.3% yield. 2Q24 results were within expectations. We expect news flow of its investment in the data centre (DC) segment to continue driving investor interest in the stock. Following the 100MW with Bridge DC, Mah Sing is now in advanced negotiations for the next plot of land in Southville DC Hub (capacity: 90MW). In Johor, about 42.5 acres of land in Meridin East could be up for sale to a DC player as well. Substantial land sale gain could be booked in FY25F

Analyst:
Loong Kok Wen CFA
loong.kok.wen@rhbgroup.co