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,Going strong: In this file picture, visitors are seen checking out Mah Sing projects at its booth in a mall. Its net profit surged 40.3% to RM40.28mil in the first quarter due to a higher contribution from its property development segment.

PETALING JAYA: Mah Sing Group Bhd’s third-quarter (Q3) earnings may be weighed down by lockdown restrictions that have affected its construction and glove production divisions.

The nationwide lockdown had led to Mah Sing’s manufacturing plant operating intermittently in June and July. It had shutdown for two weeks in July and was operating at 60% capacity during other periods.

To recap, Mah Sing’s glove production was up and running only at end-April this year.

As such, RHB Research has cut the group’s earnings for the financial year ending Dec 31, 2021 (FY21) and FY22 by 15% to 20% due to the interruptions at its construction sites and glove production plant, as well as on lower average selling prices for gloves.

However, RHB Research has kept its “buy” call on Mah Sing, albeit with a lower target price of RM1.02 attributed to a lower price-to-earnings ratio (P/E) for its glove business, in line with the sector average after the recent de-rating.

“Our target price is based on sum-of-parts (SOP), with a 75% discount applied to the revalued net asset value (RNAV) for the property division, 12 times P/E for the plastic manufacturing segment, and five times P/E for the glove manufacturing segment,” it said.

It expects the group’s glove segment to contribute minimally in June, adding that its contribution should be substantially stronger in the second half of the year.

On a positive note, the group recently announced that 100% of its workforce in all its business segments would be fully vaccinated by September.

Despite the lockdown restrictions, RHB Research reckoned that Mah Sing would be able to achieve its RM1.6bil sales target this year.For the first five months of the year, the company had already posted sales worth RM650.5mil, and there is still more than RM500mil worth of bookings to be converted. “Property sales during the lockdown period should be relatively decent, as we understand that buyers are able to sign the sales and purchase agreements virtually while stamping by the authority is also done online.

“In the pipeline, Mah Sing still plans to launch M Senyum in Sepang and M Astra in Setapak in Q4 ending Dec 31, which will likely help in contributing to property sales,” noted RHB Research.

Mah Sing’s net profit surged 40.3% to RM40.28mil in Q1 ended March 31, 2021 from RM28.71mil a year ago due to a higher contribution from its property development segment.The group’s revenue increased 11.37% to RM413.32mil, compared with RM371.13mil a year ago, driven by progressive revenue recognition from ongoing construction progress of its existing projects, coupled with the recognition of cost savings from the finalisation of certain construction contracts.


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