MAH SING Group Bhd 1QFY25 revenue and core net profit rose 16.4% and 10% year-on-year respectively, primarily driven by progressive revenue recognition from ongoing construction activities. The collaboration agreement between Mah Sing and Bridge Data Centres (BDC) for a 100 megawatts (MW) data centre lapsed after the exclusivity period ended. The partnership, initially structured as a joint venture, was later revised into a build-to-lease model. We maintain our Buy recommendation on Mah Sing with target price of RM2.19, based on the sum-of-parts (SOP) valuation. — BIMB Securities Sdn Bhd (June 3, 2025)
(Calls by analysts tracked by Bloomberg: 13 Buy, 0 Hold, 0 Sell; Consensus target price: RM1.87)
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The post Mah Sing retains Buy, target price raised to RM2.19 appeared first on The Malaysian Reserve.
