KUALA LUMPUR: Share price of Mah Sing Group Bhd rose to a high of RM1.92 in the afternoon session on Monday on news it was buying 412 acres of freehold land near Bangi for a mixed township.
At 4.07pm, it was up four sen to RM1.89. There were 46,200 shares done at prices ranging from RM1.85 to RM1.92.
At midday, Mah Sing announced the mixed development included double storey link homes indicatively priced from RM530,000 onwards.
It was acquiring the land at RM18.55 per square foot under its strategy to expand its landbank and under the project called Southville City.
OSK Research said it was maintaining its forecasts at this juncture as well as its Buy call on Mah Sing at an unchanged fair value of RM2.69, which is based on a 20% discount to its RNAV valuation.
"The stock's relatively inexpensive valuation makes it an attractive value proposition, especially for investors seeking a cheaper exposure to mid-sized property stocks," it said.
By The Star
Monday, May 21, 2012
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