Within expectations. Mah Sing’s 2Q10 net profit of RM29.2m (+26.6% yoy and +4.6% qoq) came in within our and consensus estimates. Key projects that contributed to earnings include Perdana Residence 2, Hijauan Residence, Kemuning Reidenc, Aman Perdana, Southgate, StarParc Point, i-Parc, Reidence @ Southbay, and some projects in JB. Given the aggressive new launches, Mah Sing has exceeded its 2010 full year sales target of RM1bn within 7 months, and therefore management is now targeting to achieve > RM1.5bn sales this year.. EBIT margin was however lower in 2Q10, mainly due to rental yield guarantee for Icon Tun Razak, which occupancy rate is still poor. Meanwhile, unbilled sales continued to climb, stood at RM1.17bn as at Jun 2010, from RM1.1bn previously.
Mah Sing Group Berhad :Getting Stronger-27/08/2010
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