Kenanga, in a research note today, maintained its financial year 2022 (FY2022) and FY2023 earnings estimates for the property developer, backed by an unchanged sales target of RM1.7 billion.

“We maintain our ‘market perform’ call with an unchanged target price (TP) of 60 sen per share, derived from 65% discount to its realisable net asset value,” it said.

MIDF Research expects a muted impact on the balance sheet of Mah Sing as it has a cash pile of RM1 billion in the first quarter (Q1) of FY2022.

“We maintain our ‘buy’ call on Mah Sing with an unchanged TP of 74 sen as we are positive on its earnings outlook which is expected to be driven by the property development division.

“Besides, the new property sales outlook is also supported by its strategy of quick turnaround,” said the research firm.

AmInvestment Bank has echoed the sentiment, citing that the acquisition would help sustain the company’s property earnings over the medium term.

“While maintaining our FY2022 expectation numbers, we raise our FY2023-24 forecast core net profit by 3 to 6%, to factor in the earnings contribution from the M Minori project with a gross development value of RM469 million.

“We maintain ‘buy’ on Mah Sing with a higher sum-of-parts-based fair value of 87 sen per share from 85 sen previously, which incorporates a neutral three-star environmental, social and governance rating,” it said.

At 3.37pm, Mah Sing inched up half a sen to 60 sen, with 335,100 shares transacted.