Mah Sing downgraded after recent share price run-up

MAH Sing Group Bhd’s counter has been downgraded to ‘Underperform’ from ‘Outperform’ at Kenanga Research as valuations have become rich after the recent run-up in its share price.

In a note today, Kenanga Research said it has maintained its forecasts and the 52-week target price of RM1.11.

Mah Sing was trading at RM1.29 as at 11.55am today. The stock, ending the day at 91 sen on Feb 23, has been on an upward trend since.

The counter has 12 ‘Buy’ and one ‘Sell’ calls among the analysts tracked by Bloomberg, with a 52-week consensus target price of RM1.33.

The company recently announced that it had 100.4 acres of land in Johor Bahru for RM103.7 million, to be developed into a township with an estimated GDV of RM1.5 billion, which Kenanga Research said was a ‘fair price for the land’. — TMR