Mah Sing Group Berhad

Titan Trading Notes For Thursday [23/1/2025]:

$KLCI closed green around the 1587 points region with an overall mixed market sentiment as we saw over 500 counters closing red for the day as the market starts to slow down from its rebound earlier this week. Overall daily trading volume declined back towards the 2.96 billion mark.

Main stocks that showed strong buying momentum would be the likes of MAHSING, YTL, YTLPOWR, SUNWAY, GENM, and CIMB. All of which were able to sustain their rallies throughout the day on the top volumes list despite the mixed market sentiment.

$MAHSING / 8583 (MAH SING GROUP BERHAD) since retracing all the way back towards the RM 1.30+ main support levels from the day before, was able to resume its rebound today and broke out towards the RM 1.57 regions with good volume and buying momentum.

So far still facing strong selling pressure from its EMA 200 resistance of RM 1.58 here on the daily chart as it closed back towards the RM 1.53 regions. That said, as long as able to sustain above its RM 1.50 support, could still rebound further here.

Have to monitor MAHSING closely as it was quite oversold over the past week.

$CLOUDPT / 0277 (CLOUDPOINT TECHNOLOGY BERHAD) was definitely one of the best performers today as it was able to breakout strong from its RM 1.05 all time high and rallied towards the RM 1.08 regions with good volume and buying momentum despite the mixed market sentiment.

Although unable to close on its intraday high, its closing price of RM 1.04 was still a pretty good one. As long as able to hold above its RM 1+ immediate support, could continue on towards and beyond its RM 1.08 new all time high zones soon.

Will be monitoring CLOUDPT closely.

Titan Trading Notes For Wednesday [22/1/2025]:

KLCI had a decent rebound back towards the 1580 points region with an overall positive market sentiment as our market rebounded strong from last week's heavy selling activities. Daily trading volume remained at a healthy level around the 3.4 billion mark, which is a pretty good start.

Main stocks that showed strong buying momentum would be the likes of CBHB, MAHSING, SET, VELESTO, GAMUDA, SNS, SIMEPROP, NATGATE, GENETEC, JCY, SUNWAY, YTL, SUNCON, YTLPOWR, ARMADA, INARI, MNHLDG, and MRCB. All of which were able to sustain their rallies throughout the day on the top volumes list.

$MAHSING / 8583 (MAH SING GROUP BERHAD) since retracing over the past 2 weeks, went all the way towards the RM 1.30+ main support levels today and rebounded all the way towards the RM 1.50+ regions with huge volume and buying momentum after being massively oversold.

So far looking quite strong here for this rebound and as long as able to sustain above its RM 1.44+ immediate support, could continue to trend back up towards the RM 1.60+ major resistance levels soon.

Will be monitoring MAHSING closely here.

$SUNWAY / 5211 (SUNWAY BERHAD) on the other hand since rebounding from its RM 4+ main support levels earlier last week, been able to carry forward the buying momentum today and rallied all the way towards the RM 4.50+ regions with good volume here.

Although unable to close on its intraday high, its closing price of RM 4.46, could trend back up towards the RM 4.70+ major resistance levels soon in the coming few days here to resume this buying momentum.

Will be monitoring SUNWAY closely as seems to be rebound very strongly.

$KLSE-ADB since retracing back towards the RM 1.10+ support levels over the past week, been able to rebound quite well since then and bounced back towards the RM 1.23 regions with good volume and buying momentum today, even closing on its intraday high.

Looking quite bullish for now as it seems to have formed its higher low regions already over the past week. If able to sustain, could trend back up towards the RM 1.32 all time high levels soon in the coming weeks.

Will be monitoring ADB closely here.

US market also rebounding quite well tonight, expecting our local market sentiment to be lifted up as well in the coming few days.

Sharing from another remisier...

*Quick Take On Property Sector* 📝

*Mah Sing and Eco World (ECW) experienced the steepest declines among property companies*, with shares dropping 15% and 14%, respectively, following the announcement of restrictions on advanced AI chips. SP Setia and Sunway have also declined by 6% post-announcement. Here are our thoughts:

🔺 Concerns about future land valuations and the total addressable market for data centers (DC) have weighed on sentiment, but we believe the market has fairly priced in the associated risks, pending further clarity from the US government.

🔸In our view, *there remains a risk to Mah Sing’s Southville joint venture* due to its ties with parent company - Chindata, which is headquartered in China and subject to Chinese data laws, as well as association with a potential offtaker - Bytedance, which is also a major client of Chindata. The Chinese data laws raise concerns about data sovereignty and potential challenges in attaining/retaining VEU status.

🔸Despite these concerns, *we think the sell-down in Mah Sing is unwarranted given its proactive measures in safeguarding from premature project commitments.* We understand that the collaboration with BDC has built-in conditions precedent, requiring BDC to secure Tier 1 hyperscale or AI-focused companies, before the project can officially commence. *It seems that finalizing the agreement is proceeding as planned*, targeting commencement of Phase 1 operations in 2026. This suggests that BDC sees less risk and low likelihood of the project halting. Additionally, BDC has paid a non-refundable upfront fee, providing financial assurance to Mah Sing while reserving the land for development.

🔸Excluding DC, *Mah Sing’s core business remains resilient, with strong demand for its property launches and higher progressive billings for 2025-26* as its projects enter mid-stage construction.

🔸 *Current price still provides a fair amount of upside* to the scenario-based TP if we were to:

1) exclude DC components, our target price will be RM1.94.

2) exclude DC components and assume a higher discount on RNAV at 50% (vs 5-year mean of 63%), our target price will be RM1.61.

🔺*ECW’s valuation has increasingly traded at a premium* due to its exposure to industrial parks and its ability to secure land sales to top-tier data centre players, such as Microsoft and Princeton.

🔺*This restriction does not impact ECW’s current and ongoing deals, and we expect the company to announce another data center deal soon.* Additionally, the 7% cap limit per country requirements for VEU status companies is unlikely to significantly impact US-based hyperscalers (ie Microsoft), given their larger scale and demand for DC.

🔺We believe a valuation premium on ECW is still justifiable, as: a) current and ongoing DC deals are not impacted, b) it’s also *focusing on high-margin high-technology industrial parks which continues to be in high demand*, and c) strong pricing power and execution. Our target price of RM2.35 is based on 40% discount to RNAV (vs historical mean of 60%).

🔸*SP Setia, with its share price down 6% post-announcement, has suffered collateral damage* despite having no current DC exposure.

🔸We estimate that *only 6% of the landbank will be used for future JV with DC* (calculated based on 18% industrial landbank and 1/3 is from Tanjung Kupang land, majority of that land will be used for DC). Hence, any impacts would also be minimal. Our target price of RM1.95 is based on 50% discount to RNAV, close to its historical mean of 57%.

🔺*Sunway Bhd's share price also declined by 6% post-announcement, mainly driven by SunCon's significant exposure to DC projects*. However, we believe the impact will be mitigated as: a) SunCon can rely on internal contracts from Sunway Bhd, and b) its order books and tenders are primarily focused on cloud DCs, which have minimal demand for the restricted AI chips.

🔺*Our current target price of RM4.71* is based on SOTP valuation, with a 15% RNAV discount and 21x 2025PE.

If we were to cut SunCon’s implied PE to 17x, *following our construction analyst’s recommendation,* our target price will be *RM4.61,* still provides 10% upside at current level.

$SUNCON / 5263 (SUNWAY CONSTRUCTION GROUP BERHAD)
$SPSETIA / 8664 (S P SETIA BERHAD)
$MAHSING / 8583 (MAH SING GROUP BERHAD)

This could be serious... sharing from remisier

The USA will impose a full access blockade on Data Center chips in Malaysia

MIDF view
We'll have to see what Trump will do when he takes office. Trump can immediately rescind this. One scenario is that US/Western MNCs in Malaysia will still be able to get the chips they require for the DCs in Malaysia, but for the rest may have to source from other countries like China. It could be a case where most of the DCs don't as yet require the advance AI chips.

Geopoltically speaking, US is not doing any favours in terms of maintaining or building relations with global majority. This could further strengthen any alternative partnerships such as BRICS.

There might be selling pressure on DC exposed counters. But need to look deeper, as some will still have other core business that will moderate the impact and/or DC contribution is still small. E.g. Gamuda (BUY, TP: RM5.42) and Mah Sing (BUY, TP: RM2.08). This could be an opportunity to accumulate on these strong fundamental companies. Although not really relevant to our tech (OSAT) players, negative sentiment might prevail, so try to withold exposure in this sector for now.

$GAMUDA / 5398 (GAMUDA BERHAD) $YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) $MAHSING / 8583 (MAH SING GROUP BERHAD)

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research Report by TA

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by TA

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by TA

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by RHB

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by HLIB

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by Kenanga

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by CGSI

Mah Sing, Bridge DC to Add 200MW at Southville City's Data Centre Hub

Mah Sing Group Bhd has signed a second collaboration agreement with Bridge Data Centres (Bridge DC), supported by Bain Capital, to expand Mah Sing DC Hub@Southville City with an additional 200 megawatts (MW) of power capacity.
This agreement builds on an initial partnership established in May 2024 for a 100 MW development.
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In its statement, Mah Sing noted that 36 acres, valued at around RM311 million, will be allocated for the latest expansion within Mah Sing DC Hub@Southville City.
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BDC will provide a forfeitable deposit as both parties finalise the Joint Venture Agreement (JVA), which includes setting share ratios and completing the Sale and Purchase Agreement (SPA) for the land, Mah Sing said.
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Tan Sri Leong Hoy Kum, Mah Sing's founder and group managing director, said that this collaboration aligns with Malaysia's 2025 Budget emphasis on digitalisation and AI development.
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"Malaysia has successfully secured investment totalling USD 16.9 billion from global technology giants such as AWS, Microsoft, Google, and Oracle, and the timing of this collaboration is particularly advantageous, given the growing global demand for data centres driven by the rise of AI and cloud computing," he said in a statement.
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BDC, with strong financial backing, is targeting hyperscale and AI data centre customers, according to Leong.
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He noted that Mah Sing DC Hub could play a pivotal role in establishing Malaysia as a key regional hub for data management and digital infrastructure, with the capacity to support up to 500 MW. The data centre's first phase is expected to go live by 2026.
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Leong added that the presence of Bridge DC at Mah Sing DC Hub@Southville City would likely attract more data centre operators, solidifying the hub's position as a top regional data centre destination.
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"This collaboration underscores Mah Sing's commitment to building cutting-edge digital infrastructure. Our 30-year track record of rapid project execution makes us the ideal partner for data centre players seeking speed to market and scalability," he said.
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Mah Sing also has 42 acres of land in its Meridin East township in Johor Bahru, supporting an additional 300 MW of future capacity, offering significant growth potential.
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Eric Fan, chief executive officer of Bridge DC, affirmed that this partnership reflects its commitment to investing in Malaysia's digital infrastructure as a leading regional data centre provider.
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Bridge DC will oversee the design, construction, and infrastructure development to meet high-capacity clients' specific needs, ensuring alignment with digital economy demands.

$MAHSING / 8583 (MAH SING GROUP BERHAD)

Source: https://cutt.ly/aeFuHW1Q

Titan Trading Notes For Monday [28/10/2024]:

$KLCI retraced back towards the 1618 points region with an overall negative market sentiment as we still saw over 650 counters closing red along with it during last Friday. Daily trading volume remains low around the 2.4 billion mark, whish isn't a good sight.

Main stocks that showed strong buying momentum would be the likes of IOIPG, NATGATE, ELRIDGE, YEWLEE, SDCG, and IHH. All of which were able to sustain their rallies throughout the day on the top volumes list despite the weak market.

$IOIPG / 5249 (IOI PROPERTIES GROUP BERHAD) since retracing back towards the RM 2.20+ main support levels last week, had been able to rebound strong back towards the RM 2.30+ regions with good volume and buying momentum during last Friday.

So far looking quite strong here and as long as able to sustain this kind of buying momentum, could trend back up towards the RM 2.40++ regions soon in the coming weeks for an uptrend continuation pattern.

Will be monitoring IOIPG closely here as seems to be trending up strong.

$NATGATE / 0270 (NATIONGATE HOLDINGS BERHAD) on the other hand since breaking out from its RM 1.90+ major resistance levels last week, had been able to hold well above that level and rallied all the way towards the RM 2++ regions with huge volume and buying momentum.

So far looking quite ripe for a potential uptrend continuation pattern here towards the RM 2.20+ regions. As long as able to hold above its RM 1.90 support, could continue on this breakout.

Will be monitoring NATGATE closely.

Although the property sector had been slowing down, $MAHSING / 8583 (MAH SING GROUP BERHAD) ad been recovering quite well over the past few weeks, breaking out towards the RM 1.84 regions on Friday with good volume and buying momentum.

So far seems to have formed its higher low regions already with RM 1.72+ as the main support levels on the daily chart. For now as long as able to sustain, could trend back up towards the RM 1.97 major resistance levels soon.

Will be monitoring MAHSING closely here as seems to be recovering quite well.

UBS report on datacenter

Cannot upload cos file too big.

But here's summary:

The data centre (DC) story has been a strong driver for Malaysia, with Microsoft, Google, Amazon and ByteDance collectively announcing investments of around US $12bn (about RM60bn). To attempt to answer key investor questions we have looked at the implications of these investments across the entire Malaysian market. While we think investor concerns about oversupply are partly warranted in the short term, long-term trends are robust (15% supply and demand CAGRs for 2024E-50E) with AI demand set to balance the market, in our view. Our analysis of global cloud regions suggests land demand in Malaysia of 32-249 acres pa over H224-2028, positive for developers. DC-related sectors including construction, utilities and property, as well as Telekom Malaysia (TM), are up 22-37% YTD and we expect further upside for TNB, TM, Mah Sing and global DC operator GDS.

$TM / 4863 (TELEKOM MALAYSIA BERHAD) $MAHSING / 8583 (MAH SING GROUP BERHAD) $TENAGA / 5347 (TENAGA NASIONAL BHD) $YTLPOWR / 6742 (YTL POWER INTERNATIONAL BHD) $CRESNDO / 6718 (CRESCENDO CORPORATION BERHAD)

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by Kenanga
OUTPERFORM – TP RM1.88

" Robust Performance”

MAHSING’s 1HFY24 results met expectations. Its 1HFY24 revenue declined 12% YoY with ongoing projects mostly at early stages of construction. However, CNP rose 20% from better and higher-margin products. It is venturing further into the data centre space including possible land sale opportunities its Meridin East township in Johor. We maintain our forecasts and TP of RM1.87. Upgrade to OUTPERFORM (from MARKET PERFORM).

Analyst:
Clement Chua
clement.chua@kenanga.com.my

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by HLIB
BUY – TP RM1.95

" Results in line, with progress in DC segment”

Mah Sing reported a 2Q24 core PATAMI of RM59.5 million (+6.0% QoQ; +25.7% YoY), which brought 1H24’s sum to RM115.6m (+19.3% YoY). The results were in line with expectations. Despite a YoY and YTD revenue decline due to lower billings from new property projects and export delays in manufacturing, the company achieved higher profit margins, leading to earnings growth. Mah Sing's property sales reached RM1.66bn in 8M24, 66.4% of its full-year target, with unbilled sales at RM2.43bn. Progress in their Southville DC Hub and negotiations for additional data centre land sales highlight the company's growth in this new segment. Manufacturing saw improvements, particularly in the glove segment and an expansion in Indonesia's plastic segment. Maintain forecasts and BUY rating with unchanged TP of RM1.95 based on SOP-valuation.

Analyst:
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my

$MAHSING / 8583 (MAH SING GROUP BERHAD)
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

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by TA
BUY – TP RM2.11

"Steady Performance”

Stripping off the exceptional items amounting to RM4.1mn, Mah Sing’s 1H24 core net profit of RM115.6mn (+15% YoY) came in within expectations, accounting for 52% and 48% of ours and consensus’ full-year forecasts, respectively.

Analyst:
Li Hsia Wong
liwong@ta.com.my

$MAHSING / 8583 (MAH SING GROUP BERHAD)

$HCK / 7105 (HCK CAPITAL GROUP BERHAD) $RADIUM / 5313 (RADIUM DEVELOPMENT BERHAD) $MATRIX / 5236 (MATRIX CONCEPTS HOLDINGS BERHAD) $SIMEPROP / 5288 (SIME DARBY PROPERTY BERHAD) $MAHSING / 8583 (MAH SING GROUP BERHAD)

$WCT / 9679 (WCT HOLDINGS BERHAD)
$NOTION / 0083 (NOTION VTEC BERHAD)
$MAHSING / 8583 (MAH SING GROUP BERHAD)
$SCGBHD / 0225 (SOUTHERN CABLE GROUP BERHAD)
$SMRT / 0117 (SMRT HOLDINGS BERHAD)
...

Titan Trading Notes For Wednesday [31/7/2024]:

$KLSE-KLCI retraced back towards the 1611 points region with an overall negative market sentiment today as we saw over 800 counters closing red for the day along with it. Daily trading volume settled around the 4.1 billion mark, which were mostly dominated by selling activities.

Main stocks that showed strong buying momentum would be the likes of EKOVEST, WCT, PCCS, XOX, ECOWLD, MAHSING, and DIALOG. All of which were able to sustain their rallies throughout the day on the top volumes list.

$WCT / 9679 (WCT HOLDINGS BERHAD) despite the negative market sentiment, was able to rebound back towards the RM 1.32+ regions today with good volume and buying momentum after retracing back towards the RM 1.24+ main support levels.

So far looking very strong here and seems to be trending up healthily as long as able to sustain above its RM 1.26+ immediate support levels, could continue on towards and beyond its RM 1.35+ regions for an uptrend continuation pattern.

Will be monitoring WCT closely as still on a healthy uptrend.

$MAHSING / 8583 (MAH SING GROUP BERHAD) since retracing back towards the RM 1.85+ main support levels over the past 2 weeks, had been able to hold quite well as a higher low region and bounced back towards the RM 1.96 regions with good volume and buying momentum today.

For now looking quite bullish here and as long as able to sustain above its RM 1.90+ immediate support levels on the hourly charts, could continue on towards and beyond the RM 1.96+ regions for an uptrend continuation pattern.

Will be monitoring MAHSING closely here as looking very strong.

$NOTION / 0083 (NOTION VTEC BERHAD) despite retracing slightly back towards the RM 2.08 regions earlier this morning, was able to bounce back and close flat around the RM 2.13 regions today with good volume and buying momentum despite the weak market sentiment.

Overall looking quite bullish here and as long as able to sustain above its RM 2.05+ immediate support levels on the hourly charts, could continue on to trend up towards and beyond the RM 2.25+ major resistance levels soon for an uptrend continuation pattern.

Does history repeat itself? Some reminiscing and observation (and mostly ramblings).

For those who have been in the stock market (Bursa) long enough would remember, the last we’ve seen $BURSA / 1818 (BURSA MALAYSIA BERHAD)’s stock price breaching to RM9.00 levels were back in 2020, coincidentally in the Jul-Sept Q3 period. Also, $NOTION / 0083 (NOTION VTEC BERHAD) back then had 3 days limit up in a row, with 1 day of suspension in between. It was a time when the glove and vaccine craze was going on. $MAHSING / 8583 (MAH SING GROUP BERHAD) also ventured into glove, like how they announced that they want to venture into data centres recently (cough). Back in 2020, it was also the year of the U.S. Presidential Election…
One could draw so many parallels… that it is somehow eerily coincidental?

Bursa’s participation in terms of volume and value are nowhere near 2020 levels yet, but the trend seems to be able to surpass 2022 and 2023 levels. The OPR rate back then was only 1.75% in Jul’20 – Apr’22 and now it has returned and maintained at 3.00% since May’23. We have also been consecutively having more than 30 IPOs per year for the past 2 years.

Of course, that was then, this is now. There are also many things that have evolved and are changing:
- On the local scene, there’s a change of ruling party which implemented various measures and policies such as EPF withdrawals, discontinuation of subsidies and price controls on chicken, targeted diesel subsidy, SST rate from six percent to eight percent, implementation of e-invoicing, selling land for data centres… etc.
- On the international front, there are multiple major wars on-going and with US sanctioning Russia and weaponizing the dollar, there has been a gradual shift towards using non-dollar currencies, driven by desire to reduce dependency on the dollar.
- Freight logistics and supply chains are being severely disrupted also because of the aforementioned.
- FCPO price remains elevated at RM3-4K levels and has not gone back to pre-pandemic levels (RM2-3k levels)
- Countries are putting more emphasis on green energy and thus EV Cars, solar energy, etc are gaining traction

The million-dollar question is: how would 2H 2024 play out… or rather how would you play the cards in 2H 2024 for 2025?

Some leading questions to start off with:
- Are we in an optimistic or pessimistic market? Risk-on or risk-off mode?
- Are some sectors already overheated/undervalued? How are the risk vs reward for each investment?
- Reshuffling of portfolio: how would you allocate your capital to various asset (bonds / equities / MMF / cash / currency / property, etc…)?

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by MIDF
Buy – TP of MYR 1.97

“Land acquisition in Taman Desa”

Land acquisition in Taman Desa. Mah Sing Group (Mah Sing) announced that Mah Sing Properties Sdn Bhd, a wholly owned subsidiary of Mah Sing, had entered into a conditional sale and purchase agreement with Datuk Bandar Kuala Lumpur (DBKL) for the proposed acquisition of 6.19 acres of land in Taman Desa for a total purchase consideration of RM108m. The land acquisition is expected to complete in 1HCY25.

Analyst(s):
Jessica Low Jze Tieng
jessica.low@midf.com.my

$MAHSING / 8583 (MAH SING GROUP BERHAD)
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

$MAHSING / 8583 (MAH SING GROUP BERHAD)
Research by HLIB
Buy – TP of MYR 1.95

“New land acquisition in Taman Desa”

Mah Sing announced the acquisition of 6.2 acres of land in Taman Desa for RM108m. The land will be used for two developments: M Aspira , a mixed-use project with 1.6k residential units starting at RM448.8k, and Residensi Madani, which will offer 800 affordable units priced at RM200k each. The total estimated GDV for these projects is RM1.01bn. We are positive on this acquisition due to the attractive land cost-to-GDV ratio, strong market demand anticipated for the location and price point as well as fast turnaround given that launch is expected to be in end-FY24 or early-FY25. We anticipate the project can add annual earnings of around RM26m from FY26-29 assuming 17% PBT margin and 5-year development period. Maintain BUY with unchanged TP of RM1.95 based on SOP valuation.

Analyst(s):
Tan Kai Shuen, CFA
kstan@hlib.hongleong.com.my

$MAHSING / 8583 (MAH SING GROUP BERHAD)
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

KUALA LUMPUR: Mah Sing Group Bhd’s acquisition of a 6.169 acres of land in Taman Desa, Kuala Lumpur for RM108mil is deemed a positive by analysts.

KUALA LUMPUR: Stocks to watch on Thursday include Siab Holdings Bhd, Mah Sing Group Bhd, WCT Holdings Bhd, Jati Tinggi Group Bhd, Naim Holdings Bhd, Greatech Technology Bhd, Computer Forms (Malaysia) Bhd and MyEG Services Bhd.

$MAHSING / 8583 (MAH SING GROUP BERHAD)