The expected strong sales from the project should underpin a new outlook for Mah Sing, MIDF Research said.
KUALA LUMPUR: MIDF Research is positive on the prospects of Mah Sing Group Bhd
’s latest M-series affordable project – M Nova in Kepong here.
In a note yesterday, the research house expects strong sales for M Nova which will be launched in the third quarter of this year as it had recorded an overwhelming registration of interest recently.
“Mah Sing has opened registration of interest for one block of M Nova with 624 units. We gather that registration of interest was overwhelming with 9,000 registered interests.
“Hence, we expect strong sales prospects for this project upon its official launch as we think Mah Sing should be able to convert the strong bookings into property sales fast due to the overwhelming response from buyers,” it said.
M Nova has a total gross development value of RM790mil with an affordable selling price starting from RM318,000 for a 700 sq ft unit.
The expected strong sales from the project should underpin a new outlook for Mah Sing, it said.
MIDF Research noted that Mah Sing aimed to achieve higher new property sales of RM2.2bil in financial year 2023 (FY23) against new property sales of RM2bil in FY22.
As such, it maintained a “buy” call for the stock with an unchanged target price of 78 sen.
“We make no changes to our earnings forecast for FY23 to FY25 as new sales contribution from M Nova is expected to underpin management’s new sales target.
“Besides, the developer’s active land acquisition will continue to support new property sales outlook and earnings visibility in the near term,” it said. — Bernama
