Maintain Hold. Mah Sing's 2011 results came in as expected. It is
targeting slower YoY growth in property sales this year, to RM2.5b (from
RM2.3b in 2011, +46% YoY), in view of a less sanguine property market
outlook. We lower our 2012-13 earnings forecasts by 6-8% post actual
2011 results. Our TP is unchanged at RM1.76 (40% discount to RNAV).
Likely surprises could come from RNAV-accretive land deals.
Maybank Research 29 Feb 2012
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