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New Straits Times
03-06-2025
- Business
- New Straits Times
Mah Sing's growth intact despite data centre delay
KUALA LUMPUR: Analysts remain upbeat on Mah Sing Group Bhd's outlook, citing steady property sales and resilient fundamentals, despite the company missing a deadline to formalise its data centre (DC) deal with Bridge Data Centres (BDC). RHB Investment Bank, CIMB Securities, Hong Leong Investment Bank (HLIB Research), and BIMB Securities have all maintained their "Buy" or "Add" calls, citing the group's solid fundamentals and long-term growth prospects. RHB Investment, which trimmed its target price to RM1.83 from RM2.16, said Mah Sing's first-quarter results were within expectations and highlighted the potential of its Southville City land in Bangi as a strategic DC location. "Although Mah Sing did not sign the definitive agreement with BDC within the required timeline, the land remains highly strategic," it said. CIMB Securities, which lowered its target price to RM1.90 from RM2.10, said the lapse in exclusivity now allows Mah Sing to pursue discussions with other parties. The firm said Mah Sing "remains committed to unlocking value from its sizeable landbank." BIMB Securities echoed the positive sentiment, citing RM1.01 billion in property sales in the first five months of 2025, driven by strong take-up rates at projects such as M Nova and M Legasi. It set a target price of RM2.02. HLIB Research noted that unbilled sales of RM2.73 billion provide earnings visibility into 2025 and revised its target price to RM1.85 from RM2.05. Mah Sing has lined up RM3.3 billion worth of new launches this year and is on track to achieve its full-year sales target of RM2.65 billion. Despite the BDC setback, analysts said the stock offers strong upside potential, with RHB Investment estimating a total return of nearly 84 per cent, including dividends. "Investors should look beyond the noise and focus on Mah Sing's proven execution and product-market fit," the firm said.
New Straits Times
30-05-2025
- Business
- New Straits Times
Mah Sing's Q1 earnings up 10pct to RM66.03mil
KUALA LUMPUR: Mah Sing Group Bhd recorded a 9.9 per cent rise in net profit for the first quarter ended March 31, 2025 (1Q25) to RM66.03 million from RM60.04 million in the same quarter last year, supported by stronger gross profit. The property developer reported a 16.4 per cent increase in revenue to RM649.7 million from RM558.2 million. This was mainly driven by progressive revenue recognition from ongoing construction activities. It achieved RM1.01 billion in new property sales during the first five months of 2025, slightly surpassing the RM992 million recorded in the same period last year. Mah Sing said it is reinforcing its recurring income strategy by transforming selected commercial properties into lively lifestyle and placemaking hubs. The company said upgrades to Ramada by Wyndham Meridin Johor Bahru, along with its new project Zenya in Kepong, aim to deliver consistent rental income while building an integrated ecosystem that meets the changing needs of the community. "The group is also exploring a comprehensive healthcare and wellness hub in its existing commercial asset, Icon City 2 in Petaling Jaya, envisioned as a one-stop centre for medical, wellness and F&B services, serving people of all ages and promoting holistic wellbeing," it added. Mah Sing said it is securing long-term growth in recurring income by strategically venturing into the digital infrastructure sector. The company highlighted that data centres like Mah Sing DC Hub\@Southville City have the potential to provide stable, long-term cash flow, driven by strong demand from hyperscalers and artificial intelligence (AI) operators. "Leveraging its developer expertise to secure critical infrastructure and strategic land, Mah Sing is well-positioned to become a key partner in this high-growth sector," the group said.
The Star
22-05-2025
- Business
- The Star
Taliworks likely to gain from Air Selangor's initiatives
RHB Research said the company might gain from Air Selangor's planned strategic measures to develop four new water treatment plants in Selangor by 2030. PETALING JAYA: Taliworks Corp Bhd may gain from a potential re-rating catalyst from further job wins in its construction arm for water related projects. Another possible re-rating catalyst would be a quicker-than-expected approval for the tariff hike for its waste management associate company. RHB Research said the company might gain from Air Selangor's planned strategic measures to develop four new water treatment plants in Selangor by 2030 to raise the water reserve margin. Taliworks' water treatment and supply division recorded a 5.4% year-on-year decrease in earnings before interest and taxes (ebit) in the first quarter. This is due to Air Selangor's rationalisation of balancing water intake in the southern region that resulted in the reallocation of surplus water to the northern region of Selangor. 'Its construction arm recorded a lower ebit of RM1mil in the first quarter of financial year 2025 (1Q25) (1Q24: RM0.3mil) driven by better progress for the Sungai Rasau Stage 1's packages 2 and 3. This was the largest quarterly ebit recorded over the last five quarters,' the research house said. 'We still expect the Sungai Rasau project to be completed in 2027 and annual progress may significantly pick up in the final year of completion. Therefore, we dial down on our progress billings for the financial year 2025 (FY25) and FY26 but increase it for FY27,' it added. RHB Research is also imputing a more conservative estimate for the metered sales of water since Air Selangor's rationalisation of balancing water intake in certain regions might affect this. The research house maintained its 'buy' call on the counter with an increased target price of RM1.01 from 98 sen before and a circa 7% projected FY26 yield. 'Taliworks' first quarter core profit of RM10.5mil which is a 30% year-on-year fall missed our estimates – making up 12% of our full-year projections. 'The negative deviation was due to lower-than-expected metered sales of water and the construction progress of the Sungai Rasau project,' RHB Research said.
New Straits Times
21-05-2025
- Business
- New Straits Times
Bursa Malaysia remains lower at midday
KUALA LUMPUR: Bursa Malaysia remained lower at the end of the morning trading session, despite the mostly higher regional market performance, as market undertone remains cautious. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) fell 3.87 points, or 0.25 per cent, to 1,545.0 from Tuesday's close of 1,548.87. The benchmark index opened 4.07 points higher at 1,552.94 and fluctuated between 1,544.02 and 1,553.84 throughout the session. The broader market was negative with 583 decliners outpacing 267 gainers, while 423 counters were unchanged, 1,145 untraded, and seven suspended. Turnover stood at 2.04 billion shares worth RM1.01 billion. In a note, Rakuten Trade Sdn Bhd said the lack of catalysts, coupled with the evaporating daily volume, saw diminishing participation, especially from the retail segment. "As we do not expect the market to stage a trend reversal anytime soon, we believe the index to hover within the 1,545-1,555 range today," it said. Among the heavyweights, CelcomDigi and Petronas Gas both gained 2.0 sen to RM3.90 and RM17.74, respectively, Press Metal improved by 8.0 sen to RM5.04, MISC added 1.0 sen to RM7.67, IHH Healthcare was flat at RM6.95, Maybank shed 4.0 sen to RM10, Public Bank trimmed seven sen to RM4.45, while Tenaga Nasional and CIMB dipped 4.0 sen each to RM14.10 and RM7.0, respectively. For active stocks, Harvest Miracle and Alam Maritim both rose half-a-sen to 18.5 sen and 3.5 sen, respectively, Tanco gained 1.0 sen to 96.5 sen, MYEG was flat at 89.5 sen, Sarawak Cable declined 4.5 sen to 3.5 sen, and Inari Amertron slipped 12 sen to RM1.90. On the index board, the FBM Emas Index dipped 37.32 points to 11,529.59, the FBMT 100 Index fell 32.52 points to 11,284.45, and the FBM Emas Shariah Index shed 11.62 points to 11,451.26. The FBM ACE Index gave up 16.43 points to 4,637.11 while the FBM 70 Index declined 63.94 points to 16,349.43. Sector-wise, the Financial Services Index lost 104.45 points to 18,211.47, the Industrial Products and Services Index was 0.79 of-a-point easier at 155.67, the Energy Index slid 0.29 of-a-point to 714.48, and the Plantation Index garnered 43.47 points to 7,324.40.
The Star
07-05-2025
- Business
- The Star
Bursa Malaysia ends morning session higher
KUALA LUMPUR: Bursa Malaysia ended the morning session higher today on persistent buying in selected heavyweights, in line with positive momentum on the regional market, a dealer said. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.42 per cent, or 6.49 points, to 1,543.29 from last Tuesday's close of 1,536.80. The benchmark index opened 0.24 of a point lower at 1,536.56, the lowest level during the morning session and later rose to an intraday high of 1,543.29. Market breadth was positive, with 454 gainers outpacing 355 decliners, while 424 counters were unchanged, 1,102 untraded, and nine suspended. Turnover stood at 1.61 billion shares worth RM1.01 billion. At 12.30 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose by 0.42 per cent, or 6.49 points, to 1,543.29 from last Tuesday's close of 1,536.80. The benchmark index opened 0.24 of a point lower at 1,536.56, the lowest level during the morning session and moved to the highest of 1,543.29 at some point throughout the trading session. Market breadth was positive as 454 gainers trumped 355 decliners, while 424 counters were unchanged, 1,102 untraded, and nine suspended. Turnover stood at 1.61 billion shares worth RM1.01 billion. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said Wall Street trended lower ahead of the US Federal Reserve (Fed) policy meeting and the post-meeting press statement by Jerome Powell later today. "Meanwhile, crude oil prices improved, albeit slightly, on expectations that crude oil output may peak sooner rather than later. As such, the Brent crude climbed to above US$62 per barrel,' he said. Among the heavyweights, Maybank improved one sen to RM9.97, Tenaga Nasional gained 14 sen to RM14.20, Public Bank was flat at RM4.47, while CIMB fell two sen to RM6.88 and IHH Healthcare slid one sen to RM6.99. In active trade, Sapura Energy earned half-a-sen to 4.5 sen, Pos Malaysia advanced 2.5 sen to 29.5 sen, DNex added 1.5 sen to 90 sen, while WTEC shed one sen to 24.5 sen. On the index board, the FBM Emas Index was 59.09 points higher at 11,472.56, the FBMT 100 Index rose 57.12 points to 11,244.77, and the FBM Emas Shariah Index advanced 83.97 points to 11,395.18. The FBM 70 Index jumped 121.41 points to 16,183.64, but the FBM ACE Index eased 2.26 points to 4,636.51. Across sectors, the Financial Services Index went up 8.85 points to 18,138.04, the Energy Index rose 7.69 points to 686.31, and the Industrial Products and Services Index increased 1.23 points to 151.71, but the Plantation Index decreased 10.31 points to 7,274.65. - Bernama
