CIMB Research has maintained a “Buy” Call on Mah Sing

t said that it expects the rising construction cost to have a limited impact on its margins, given its ongoing projects’ contracts have been awarded earlier and the higher cost risk was passed on to contractors, and its new project contracts are being awarded in stages and raw material cost has somewhat normalised.

it is also implementing more prudent cost control, i.e. utilising more in-house design, bulk purchase of raw materials and higher adoption of industrialised building system (IBS) in its projects to reduce cost.

On its sales, the research house said that Mah Sing has achieved FY21F new sales target of RM1.6 billion.

It said that by the price point, 60% of its FY22F target new launches will likely come from properties priced below RM500,000, 34% priced between RM500,000 and RM699,999, 3% priced between RM700,000 and RM1m, and the remaining 3% of properties will be priced above RM1millon.

On Mah Sing Healthcare, the research house said that it completed the commission of all 12 new rubber glove production lines on Dec 21, with a capacity of up to 3.68 billion pieces of gloves p.a.

It said that recently received the Health Canada Medical Device Licence, US FDA 510(k) Premarket Notification, as well as EU Medical Device Regulation (MDR), which will facilitate the export of its medical gloves to more global markets.

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