24 June 2014

Mah Sing shares unaffected

  24 June 2014


KUALA LUMPUR: Mah Sing Group Bhd shares on Bursa Malaysia were unaffected by the termination of a land deal in Seberang Prai, Penang.

As at 12.09pm, the counter was up one sen at RM2.28 after opening flat at RM2.27 with 263,300 shares transacted.

Hong Leong Investment Bank Research said the financial impact from the termination was expected to be minimal given the guided gross development value (GDV) of RM400 million for the land compared with Mah Sing’s total balance GDV of RM24.2 billion and its unbilled sales of RM4.2 billion.

“Our earnings forecast is also unaffected given the project was not expected to make much earnings contribution in financial year 2015,” it said.

The research house maintained a “hold” on Mah Sing but revised the company’s target price downwards to RM2.45 from RM2.47, previously.

~ By BERNAMA

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