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Monday, February 14, 2011

Mah Sing upbeat on achieving RM2.5b sales

Mah Sing Group Bhd is expected to be one of the best performers this year, with a bullish sales target of RM2.5 billion.

The target is 70 per cent more than 2010 and the highest on record.

Group chief executive and managing director Tan Sri Leong Hoy Kum told Business Times he was confident of Mah Sing meeting the sales target considering it has 33 ongoing projects valued at over RM9 billion and RM3 billion worth of new launches planned for this year.

Leong said the confluence of strong fundamentals and its branding, locations, concepts and products will make 2011 another good year for Mah Sing.

The company is one of the fastest growing property development companies in Malaysia and the most diversified property player as it offers products in various segments.
Its products offering are mainly commercial projects, mixed development and medium-to-high end residential properties with focus on the Klang Valley and Penang. Mah Sing also has township projects in Johor, and all these offer stable earnings stream.

The company's revenue and net profit, over the past five years, has grown at a compounded annual growth rate of 8.2 per cent and 14.3 per cent respectively.

The growth was achievable because of Mah Sing's quick turnaround strategy in developing smaller parcels of prime landbank that offer quicker turnaround timeframe.

The strategy had enabled the company to unlock land value in shorter timeframes and free up cashflow.

MIDF Research opined that Mah Sing's 2010 financial results, to be released by end-February, is expected to exceed 2009's top and bottom lines by 37 per cent and 20.9 per cent respectively (base on consensus forecast).

For fiscal 2009, Mah Sing posted a net profit of RM94.3 million on revenue of RM701.6 million.

On the company's stock movement, MIDF said investor's confidence in Mah Sing has improved after undergoing transformation with consistent growth of revenue and earnings as well as maintaining a healthy balance sheet over the past five years.

By Business Times

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