KUALA LUMPUR: CIMB Equities Research said MAH SING GROUP BHD [] remains a BUY and its top pick in the property sector.
It said on Tuesday, April 12 that it was also keeping unchanged its target price of RM3.30 which is based on its target market P/E of 14.5 times.
It said that a three-day Europe roadshow with Mah Sing struck the right chord and its positive view on the company was reinforced by the strong sales that it is chalking up and the likelihood that it will soon secure new earnings-accretive landbank.
'Including bookings, total YTD sales top RM1bn, already'' putting it halfway to its RM2bn-RM2.5bn sales target for the full year,' it said.
CIMB Research said the roadshow reaffirms its strong conviction in the stock. Potential rerating catalysts include 1) record sales from strong take-up of new large projects, 2) robust newsflow due to aggressive landbanking and 3) increasing investor awareness of Mah Sing's cheap valuations and transformational moves.
It said on Tuesday, April 12 that it was also keeping unchanged its target price of RM3.30 which is based on its target market P/E of 14.5 times.
It said that a three-day Europe roadshow with Mah Sing struck the right chord and its positive view on the company was reinforced by the strong sales that it is chalking up and the likelihood that it will soon secure new earnings-accretive landbank.
'Including bookings, total YTD sales top RM1bn, already'' putting it halfway to its RM2bn-RM2.5bn sales target for the full year,' it said.
CIMB Research said the roadshow reaffirms its strong conviction in the stock. Potential rerating catalysts include 1) record sales from strong take-up of new large projects, 2) robust newsflow due to aggressive landbanking and 3) increasing investor awareness of Mah Sing's cheap valuations and transformational moves.
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