MIDF Amanah Investment Bank Bhd (MIDF Research) has maintained a BUY rating for Mah Sing Group Bhd with a revised target price of RM2.04, up slightly from RM2.03, following the group's announcement of a land acquisition in Johor for its M Tiara 3 project.
The research house highlighted the strategic importance of the purchase in strengthening Mah Sing's presence in Johor and its potential to boost future earnings.
The acquisition involves 24ha of freehold land in Mukim Pulai, Johor Bahru, purchased for RM62.98 million through its wholly owned subsidiary, Loyal Sierra Development Sdn Bhd. The land, earmarked for the M Tiara 3 township, is expected to support the group's continued focus on landed residential properties, with the development set to feature super-linked homes starting at RM780,000. Estimated gross development value for the project is RM463 million, with development slated to commence as a continuation of the M Tiara 2 project.
The move marks Mah Sing's second land acquisition in Johor this year, following the April purchase of 41ha of land in the same area for the M Tiara 2 project.
MIDF Research noted that the pricing for the M Tiara 3 land acquisition, at RM24.50 per sq ft, aligned with the earlier purchase's RM23.70 per sq ft cost.
MIDF Research viewed the acquisition positively as it positions Mah Sing to capitalise on the strong demand for landed homes in Johor. Contributions from the group's Johor projects to total new sales have already risen to 41% for the first nine months of its financial year 2024 (FY24) compared to 26% in FY23.
Funding for the new project will come from a combination of internally generated funds and bank borrowings which will result in a marginal increase in Mah Sing's net gearing ratio to 0.24 times from 0.22 times as of the third quarter of FY24. Despite this slight rise, analysts are confident in the group's ability to manage its financials effectively.
Moving forward, MIDF Research remains optimistic about Mah Sing's prospects, with the continued expansion of its landbank in Johor as a catalyst for sales growth.
MIDF Amanah投資銀行有限公司（MIDF Research）宣佈在柔佛州爲其m Tiara 3項目收購土地後，維持了馬星集團有限公司的買入評級，修訂後的目標價爲2.04令吉，略高於2.03令吉。
該研究機構強調了此次收購在加強馬新在柔佛州的影響力方面的戰略重要性及其提高未來收益的潛力。
此次收購涉及位於柔佛州新山穆基姆普萊的24公頃永久產權土地，該土地通過其全資子公司Loyal Sierra Development Sdn Bhd以6298萬令吉的價格購買。這塊土地專用於m Tiara 3小鎮，預計將支持該集團繼續專注於有地住宅物業，該開發項目將包括起價爲78萬令吉的超級聯排住宅。該項目的開發總價值估計爲46300萬令吉，該項目計劃作爲m Tiara 2項目的延續而開始開發。
此舉標誌着馬新繼4月份爲m Tiara 2項目在同一地區購買41公頃土地之後，今年第二次在柔佛州收購土地。
MIDF Research指出，m Tiara 3土地的收購定價爲每平方英尺24.50令吉，與先前收購的每平方英尺23.70令吉的成本一致。
MIDF Research對此次收購持積極看法，因爲它使馬新能夠利用柔佛州對有地房屋的強勁需求。該集團柔佛州項目對新銷售總額的貢獻在2024財年（FY24財年）的前九個月已上升至41％，而23財年的這一比例爲26％。
新項目的資金將來自內部籌集的資金和銀行借款的組合，這將使馬興的淨資產負債率從24財年第三季度的0.22倍略增至0.24倍。儘管略有上漲，但分析師對該集團有效管理財務的能力充滿信心。
展望未來，MIDF Research仍對馬興的前景持樂觀態度，其在柔佛州的土地儲備的持續擴張是銷售增長的催化劑。
