MGB Remains Buoyed By Affordable Housing
MGB Remains Buoyed By Affordable Housing
The group's order book stood at RM1.2 billion as of the third quarter of 2024, comprising projects including contracts worth RM442 million linked to LBS Bina Group's township, KITA@Cybersouth. Future contributions are expected from other LBS projects, such as Alam Perdana, which has RM1.3 billion in unlaunched gross development value (GDV). 
MGB Berhad's property segment continues to demonstrate robust performance, bolstered by strong progress in affordable housing projects. RHB Investment Bank Bhd (RHB Research) has reiterated a BUY call on the company with a target price of RM1.20, representing a 56% upside. The research house views MGB's consistent earnings growth and strong property sales as key drivers, maintaining earnings estimates amidst favourable developments.
MGb公司的房地产部门继续表现强劲，得益于廉价住房项目的不断进展。RHb投资银行Bhd（RHb研究）重申了对该公司的买入建议，目标价为RM1.20，上涨56%。该研究机构认为，MGB持续增长的盈利和强劲的房地产销售是主要驱动因素，在良好发展环境下保持盈利预估。
MGB's nine months of 2024 (9M24) core profit surged by 15% year-on-year (YoY) to RM41.5 million, meeting 74% of RHB Research's full-year forecast and 71% of consensus estimates. The stellar performance was underpinned by the property development arm, which recorded over 100% YoY growth in profit before tax (PBT) due to higher unit sales and steady progress in projects such as Idaman Melur (99.1% sold), Idaman Cahaya (93.3%), and Idaman Sari (98.8%).
MGB在2024年前九个月（9M24）的核心利润同比增长15%，达到4150万令吉，占RHb研究全年预测的74%和共识预估的71%。这一出色表现得益于房地产开发业务，由于单位销售增加以及在项目如Idaman Melur（售出率99.1%）、Idaman Cahaya（93.3%）和Idaman Sari（98.8%）稳步进展，利润税前（PBT）增长100%以上。
In contrast, the construction division saw an 80% YoY decline in PBT, impacted by the completion of key projects like Kita Mekar and Alam Perdana. Additionally, the group incurred initial costs related to its precast operations in Saudi Arabia.
相比之下，建筑部门的盈利税前（PBT）同比下降80%，受到Kita Mekar和Alam Perdana等关键项目的完工影响。此外，该集团还因在沙特阿拉伯的预制业务产生了初期成本。
The group's order book stood at RM1.2 billion as of the third quarter of 2024, comprising projects including contracts worth RM442 million linked to LBS Bina Group's township, KITA@Cybersouth. Future contributions are expected from other LBS projects, such as Alam Perdana, which has RM1.3 billion in unlaunched gross development value (GDV).
截至2024年第三季度，该集团的60档摆盘达到12亿令吉，包括价值44200万令吉的与LBS Bina Group的KITA@Cybersouth镇项目相关的合同。未来预计将从其他LBS项目贡献，如Alam Perdana，该项目的未推出总发展价值（GDV）为13亿令吉。
Meanwhile, MGB's precast venture in Saudi Arabia is gaining traction, offering additional growth potential.
与此同时，MGB在沙特阿拉伯的预制业务正在吸引人们的关注，提供额外的增长潜力。
Looking ahead, MGB is projected to achieve a 16% earnings growth for FY24, driven by continued progress in its Rumah Selangorku Idaman projects with a combined GDV of approximately RM1.3 billion. The company's valuation remains attractive, with its FY25 forward price-to-earnings ratio of 7x sitting below the five-year average.
展望未来，MGb预计将在2024财年实现16%的盈利增长，主要受益于其Rumah Selangorku Idaman项目的持续进展，该项目的总发展价值约为13亿令吉。该公司的估值仍具吸引力，其FY25的前瞻 7.6的市盈率 7倍市盈率低于五年平均水平。
Other growth catalysts include upcoming developments in Johor, such as Laman Bayu in Batu Pahat and Pangsapuri Saujana Indah near Johor Bahru, alongside a faster-than-anticipated rollout of the Kertih Terengganu Industrial Park, which holds an estimated GDV of RM747 million.
其他增长助推因素包括柔佛州即将发展的项目，比如峇株巴辖的拉曼芭尤和新山附近的梳邦萨兰亚公寓，以及刻特丁丁加奴工业园的预期推出速度超出预期，该工业园的预估总发展价值为RM74700万。
Despite these promising prospects, key risks include potential delays in project launches or an unexpected slowdown in the property market. Nevertheless, RHB Research remains optimistic about MGB's position in the affordable housing and construction sectors, supported by a solid pipeline of projects and improving operations abroad.
尽管存在这些有希望的前景，主要风险包括项目推出可能出现延迟或者房地产市场意外放缓。然而，RHb研究仍然对MGB在经济适用住房和施工行业的地位持乐观态度，得益于扎实的项目管线和海外经营的改善。