Mah Sing focuses on resilient central region
Mah Sing Group Bhd is our top pick for the property sector that we believe is heading towards a positive inflection. We view the company as a high risk/reward Malaysia property pure play supported by a positive economic value added (EVA), low net gearing and decent yields driven by a clear sales strategy (central focus, easy entry). The stock’s current price-earnings ratio (PER) of 10 times 2017CL (32% discount to peers) further underpins our upgrade to “buy” (from underperform). Our target price is RM1.90 (was RM1.46).
19 September, 2016
