Financials Mah Sing Group

Equities

MAHSING

MYL8583OO006

Real Estate Development & Operations

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-05-29 pm EDT			5-day change	1st Jan Change
1.71 ^MYR	+12.50%		+16.33%	+106.02%

Feb. 28	Mah Sing Hikes Dividend as Q4 Profit Surges	MT
Feb. 27	Mah Sing Group Berhad Declares First and Final Single-Tier Dividend for Financial Year Ended 31 December 2023, Payable on May 23, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,712	2,112	1,675	1,372	2,015	4,265	-	-
Enterprise Value (EV) ¹	1,215	2,172	2,164	2,144	2,396	4,971	5,111	5,094
P/E ratio	15.7 x	77.7 x	15.8 x	8.69 x	9.36 x	17.5 x	15.7 x	14.8 x
Yield	4.75%	1.91%	3.84%	5.31%	4.82%	2.45%	2.68%	2.94%
Capitalization / Revenue	0.96 x	1.38 x	0.96 x	0.59 x	0.77 x	1.53 x	1.42 x	1.37 x
EV / Revenue	0.68 x	1.42 x	1.23 x	0.93 x	0.92 x	1.79 x	1.7 x	1.63 x
EV / EBITDA	3.9 x	10.7 x	7.21 x	5.93 x	-	11.6 x	10.7 x	10.2 x
EV / FCF	3.68 x	11.5 x	-15.6 x	4.17 x	3.99 x	-68 x	-64.6 x	23.3 x
FCF Yield	27.1%	8.68%	-6.4%	24%	25.1%	-1.47%	-1.55%	4.29%
Price to Book	0.49 x	0.61 x	0.48 x	0.38 x	0.55 x	1.08 x	1.04 x	1.01 x
Nbr of stocks (in thousands)	2,427,687	2,427,688	2,427,688	2,427,688	2,427,688	2,493,913	-	-
Reference price ²	0.7050	0.8700	0.6900	0.5650	0.8300	1.710	1.710	1.710
Announcement Date	2/28/20	2/25/21	2/28/22	2/28/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,790	1,531	1,754	2,317	2,603	2,784	3,013	3,124
EBITDA ¹	311.8	203.7	300.2	361.2	-	429.5	478	501.5
EBIT ¹	271.4	164.4	261.4	320.5	379.2	392.6	439.6	471.5
Operating Margin	15.17%	10.74%	14.9%	13.83%	14.57%	14.1%	14.59%	15.09%
Earnings before Tax (EBT) ¹	270.2	153.7	219.2	264.1	327.4	339	380.5	406.7
Net income ¹	200.3	100.4	106.7	180	215.3	240.2	269.4	284.7
Net margin	11.19%	6.56%	6.08%	7.77%	8.27%	8.63%	8.94%	9.11%
EPS ²	0.0449	0.0112	0.0437	0.0650	0.0887	0.0975	0.1092	0.1147
Free Cash Flow ¹	329.9	188.6	-138.5	514.4	601.1	-73.06	-79.11	218.8
FCF margin	18.43%	12.32%	-7.9%	22.2%	23.09%	-2.62%	-2.63%	7%
FCF Conversion (EBITDA)	105.78%	92.6%	-	142.41%	-	-	-	43.62%
FCF Conversion (Net income)	164.65%	187.85%	-	285.67%	279.22%	-	-	76.85%
Dividend per Share ²	0.0335	0.0166	0.0265	0.0300	0.0400	0.0419	0.0458	0.0503
Announcement Date	2/28/20	2/25/21	2/28/22	2/28/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 Q3
Net sales ¹	644.3
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	11/29/23

¹MYR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	60.4	489	772	381	706	846	829
Net Cash position ¹	497	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	0.2964 x	1.629 x	2.137 x	-	1.644 x	1.77 x	1.654 x
Free Cash Flow ¹	330	189	-138	514	601	-73.1	-79.1	219
ROE (net income / shareholders' equity)	4.16%	2.22%	3.87%	4.69%	5.93%	6.32%	6.82%	7.07%
ROA (Net income/ Total Assets)	2.95%	1.48%	2.32%	2.68%	3.36%	3.72%	3.9%	3.95%
Assets ¹	6,793	6,771	4,599	6,716	6,403	6,456	6,901	7,247
Book Value Per Share ²	1.440	1.420	1.430	1.470	1.520	1.580	1.640	1.690
Cash Flow per Share ²	0.1500	0.1200	0.0700	0.3200	0.1200	-0.1100	-0.0300	0.1100
Capex ¹	34.4	52.3	180	76.3	53.3	109	65.9	42.1
Capex / Sales	1.92%	3.42%	10.26%	3.29%	2.05%	3.92%	2.19%	1.35%
Announcement Date	2/28/20	2/25/21	2/28/22	2/28/23	2/27/24	-	-	-

¹MYR in Million²MYR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mah Sing Group

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

1.71 MYR

Average target price

1.442 MYR

Spread / Average Target

-15.68%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
MAH SING GROUP	+106.02%	906M
CHINA RESOURCES LAND LIMITED	+1.43%	26.55B
SUN HUNG KAI PROPERTIES LIMITED	-10.83%	26.4B
MITSUI FUDOSAN CO., LTD.	+24.97%	24.8B
DLF LIMITED	+12.29%	23.83B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+7.12%	21.11B
MITSUBISHI ESTATE CO., LTD.	+35.85%	20.6B
EMAAR PROPERTIES	-3.66%	18.38B
POLY DEVELOPMENTS AND HOLDINGS GROUP CO., LTD.	+3.23%	16.74B
MACROTECH DEVELOPERS LIMITED	+34.62%	15.75B

Other Real Estate Development & Operations