【MAHSING 8583 交流专区】马星集团

xiaoquan

季報出來了! 明天就看看買方賣方角力戰魯!!   


我麻,今天丟了,就算明天上漲沒覺得可惜反而象松了一口氣的...
這一兩個月暫時按兵不動至到世界盃踢完吧

此股在長期真的很值得持有,但可惜不適合我   

[ 本帖最后由 xiaoquan 于 22-5-2006 08:48 PM 编辑 ]

jackphang

上次在网页上看到了马星又拥有了另一个大股东了。

jackphang

中小型的股只通常都不会吸引到基金去吸购，唯有当其膨胀到某个时候，自然会有基金购入，例子如：Topglove, Uchitec, QL, ...

原帖由 xiaoquan 于 22-5-2006 08:46 PM 发表
季報出來了! 明天就看看買方賣方角力戰魯!!   


我麻,今天丟了,就算明天上漲沒覺得可惜反而象松了一口氣的...
這一兩個月暫時按兵不動至到世界盃踢完吧

此股在長期真的很值得持有,但可惜不適合我   

B1    Review of performance一current quarter and financial period ended 31 March 2005

Compared to the preceding year's corresponding quarter ended 31 March 2005, Group profit before tax for the current quarter was up 33% to RM19.5 million and Group net profit registered increases of 60% to RM15 million. the Group revenue and net profit were mainly derived from its property development activities from the high-end  Damansara Legenda in Petaling Jaya and Aman Perdana in the Meru-Shah Alam growth corridor as well as Austin Perdana and Sri Pulai Perdana in Johor.

和去年同期比较，今年首季度的业绩显示，毛盈利增长33％到rm 19.5 million, 净盈利也增加了60％，到rm 15 million.

目前，EPS=10.26; 去年同期 EPS= 6.26.
      NTA=1.86;  去年 ＝1.76.

公司的收益增长主要贡献来自Damansara Legenda, Aman Perdana，Austin Perdana 和Sri Pulai Perdana 四项房产计划。


B3 Prospects for the remaining period

The Board of Directors remain confident that the Group's performance for the current financial year will be better than the previous financial year. This is due to the continued strong sales performance recorded by all the existing 4 projects of the Group in both Klang Valley and Johor Bahru and the additional 3 new project is targeted for launching in the second half of 2006 namely Perdana Residence in Selayang which saw more than 800 potential buyer is who registered their interests for 75 units of garden bungalows and semi-detached houses, One Residence in Cheras, where more than 200 people indicated their interests in 70 units of garden bungalows and semi-detached houses, and Sierra Perdana in Tebrau一Plentong，Johor.

公司预计今年的业绩会比去年好，因为除了现有的4项房产计划获得良好购兴外，年中将会推出有另外3项房产计划，计有Selayang 的 Perdana Residence，Cheras 的 One Residence 和 Tebrau-Plentong 的 Sierra Perdana。

xiaoquan

原帖由 bnu 于 22-5-2006 09:38 PM 发表



B1    Review of performance一current quarter and financial period ended 31 March 2005

Compared to the preceding year's corresponding quarter ended 31 March 2005, Group profit before tax fo ...

你的眼光不錯不錯,買到優質股

原帖由 xiaoquan 于 23-5-2006 08:38 PM 发表

你的眼光不錯不錯,買到優質股

hi, xiaoquan,谢谢你的夸奖。

在投资的路上，还有好多东西我需要好好学习的。

我相信自己的眼光，特别是mahsing此股的前景，虽然和老牌产业公司，如SP SETIA、SUNRISE这些大哥比较，mahsing只是小弟弟，不过这几年来，公司的业务发展、管理层的素质、公司销售策略等都明显成熟了。我更欣赏的是，老板敏锐的眼光，对周遭发展的敏感度，这两点使公司在购买有潜力发展的土地上占优势。

短短的五年里，公司成功建立了品牌，而且营业额平稳上涨，盈利逐年增加。在房产业这领域建立了名声。

small capital 的公司一般不受外资机构或者大型投资机构垂青，今年有两间投资机构买进公司股票成为大股东，说明了小型资本公司只要经营良好，同样能获得大型投资机构的欣赏。

再续。。。

原帖由 bnu 于 24-5-2006 01:00 PM 发表


hi, xiaoquan,谢谢你的夸奖。

在投资的路上，还有好多东西我需要好好学习的。

我相信自己的眼光，特别是mahsing此股的前景，虽然和老牌产业公司，如SP SETIA、SUNRISE这些大哥比较，mahsing ...

Company Name : MAH SING GROUP BERHAD  
Stock Name  : MAHSING
Date Announced : 25/05/2006

EX-date :18/07/2006  
Entitlement date :20/07/2006  
Entitlement time :04:00:00 PM  
Entitlement subject :First and Final Dividend
Entitlement description:

First and Final Dividend of 12 sen per ordinary share of RM1.00 each less Malaysian Income Tax at 28%
Period of interest payment : to  
Financial Year End :31/12/2005
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the entitlements  : to  
Registrar's name ,address, telephone no:

PFA Registration Services Sdn Bhd
Level 13, Uptown 1, Jalan SS21/58
Damansara Uptown, 47400 Petaling Jaya
Selangor Darul Ehsan, Malaysia
Tel: 603-7725 4888
Payment date  :26/07/2006
a) Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers :20/07/2006
b) Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit :
c) Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable) :  
Entitlement indicator :RM
Entitlement in RM (RM) :0.12
Remarks

The payment of dividend is subject to shareholders' approval at the forthcoming Annual General Meeting to be held on 19 June 2006

今天，公司宣布派息12％，需扣税28％。

按今天闭市价，rm2.31计算，派息率＝5.2%，远比FD高。

jackphang

马星的上个季度分析：

Revenue               : 93,230
Profit Before Tax     : 19,471
Profit After Tax      : 15,003
EPS                   : 10.26 cent
NTA                   : RM1.86


Tax Rate              : 22.95%
Gross Profit Margin   : 20.88%
Net Profit Margin     : 16.09%
ROE                   : 5.52 (Annualized = 22.08)

Segment Result
*****************************
Properties            : 67,337(Revenue), 17,669(Operating Profit)
Plastics              : 25,825(Revenue),  1,973(Operating Profit)
Investing Holding     :    116(Revenue),    (243)(Operating Profit)

从这里，我们可以看到其房地产的Gross Profit Margin 大约是26.24%,而塑胶devision是7.6%。而马星如果在年尾卖掉塑胶的部门的话，对其名声会更加强一点，并且可以善用资金在还债和买入klang/penang的地段。

马星在Aman Perdana、Perdana Residense、Damansara Lagenda、One Residense走的都是SemiD/Bungalow路线，而Sierra Perdana则是从排屋开始。我相信马星的税前盈利率可以达到20%以上，而税后盈利率可以在15%以上。从这里我们可以发现，马星逐渐改善其财政状况及赚钱能力。


小弟预计马星的发展可以到2007年后。而至于现在是否买入点我真的不知道。如果是想要拿股息的话，5.1x%的DY,你满意吗？

估计：如果2006年的盈利是：41。04仙，如果dividend pay out rate = 25%, 那么2006年的股息大概是14仙。我相信马星在接下来的季度表现会更好，原因是其新的Project开始带来收入了。呵呵。以现在的价钱(RM2.34)对2006年的盈利比是：5.7倍。

再来是股权：
Dato' Leong Hoy Kum 43.2%
Fidelity Fund        7.1%
Felda                6.8%

如果再来几个基金购入(我相信是在马星成为中型房地产发展商后(2010年后吧)),其PE会来到10。

以上完全凭自己主观联想，唯一肯定的是梁老板是个好老板，不像VT。期待他可以来到大马首三十的排行榜。

隐忧：

1。大马利率开始上升，想要购买新屋的朋友们可能会多多考虑。
2。地理位置优良的地段减少。
3。竞争者在Klang有增加的趋势。
4。成本控制。

结语：希望可以拿到高股息的朋友们可以考虑此股。价钱在个人能够承担的范围内。

新盤熱賣 馬星前景看好       29/5/2006   

基於即將推出的新盤預料將取得良好的市場反應，促使分析員看好馬星集團(MAHSING，8583，主板產業股)前景，并上調其淨利預測。

與此同時，馬星集團今年首季業績表現普遍上符合市場預測。

聯昌證券分析員指出，該集團首季淨利達1500萬令吉，達到該證券行全年預測的24%，主要歸功于去年強勁的銷售。產業仍然是集團的主要貢獻來源，佔營利90%比重，其餘則來自塑膠業務。

他說，產業發展營運賺幅，從去年的18.9%增加至26.2%，而其塑膠業務的賺幅則持平。

另一方面，奧斯克證券分析員指出，馬星集團06財政年首季盈利，比該證券行預測低11%，也比市場預測低8.1%；不過，首季通常是產業領域的淡季，而馬星集團首季表現達到全年預測的22.3%，比去年首季的18.8%為高，因此整體還是令人滿意。

分析員指出，馬星集團首季盈利大部分來自巴生的Aman Perdana工程以及柔佛的Austin Perdana工程。

「其士拉央的Perdana住宅工程，訂購率雖然已經達到95%，但由於還沒有正式推介，因此還未將它計算在首季業績之內，預料在第三季才會計算在內。」

聯昌證券分析員表示，馬星集團在蕉賴的One Residence發展計劃即將在今年杪推出，預測會獲得很好的反應。

「我們預計該工程可在07至08財政年，帶來25至30%的稅前賺幅，以及800萬至1000萬令吉的稅前盈利。」
有鑑於此，該證券行將馬星集團06至08財政年的淨利預測，上調3%至9%。若馬星集團能夠再獲得地皮，尤其是在士拉央地區，那麼該證券行就會再上調其淨利預測。

馬星集團正尋求更多地皮，以谷催其07以及08年營收。

雖然馬星集團股價已經取得強勁表現，不過它仍是產業領域中最便宜的股票，因此該證券行也將其目標價格，從原本的2.20令吉調高至2.80令吉。

此外，奧斯克證券分析員也對馬星集團前景保持正面，將其淨利預測維持在6690萬令吉。

該證券行表示，自從在今年3月將該股升級為「買進」後，其股價升值了25.1%，不過該股距離其目標價格2.46令吉，還有12.3%上漲空間。

os

她的年报上个拜五拜六刚出炉，可以下载。  ：）
还有那个 FMR / FIL 外资，不止买马星，也有买 Green Packet. 不知道她还有买其他吗 ？
她的本钱应该大约 $1.8x, 不知她们的组合政策如何。。

[ 本帖最后由 os 于 30-5-2006 08:48 AM 编辑 ]

os

原帖由 os 于 30-5-2006 08:43 AM 发表
她的年报上个拜五拜六刚出炉，可以下载。  ：）
还有那个 FMR / FIL 外资，不止买马星，也有买 Green Packet. 不知道她还有买其他吗 ？
她的本钱应该大约 $1.8x, 不知她们的组合政策如何。。

富达基金 --> 竟然有这样旺/俗的华文名


x x x

http://72.14.209.104/search?q=cache:7PwqW8wKyKoJ:[url]www.fidelity-[/url]

international.com/docs/business_centre/switzerland/Overview_FS_EIN604_19802_5e.pdf+fmr+fil+portfolio&hl=en&gl=m

y&ct=clnk&cd=1

http://www.fidelity-international.com/
http://www.fidelity.com.sg/funds/fid_funds.html


The global property securities industry is forecast to grow 10% over each of the nextfive years, from $600 billion to $1 trillion.Global property offers attractive returns relative to equities and bonds: historically,annual returns and yields have outperformed both equities and bonds. With a predicted annual total return of 7-9% in the medium to long-term, property securities present an attractive investment opportunity for investors who are looking to benefit from the diversification features of the asset class and take advantage of the forecast growth and who are seeking a stable income*.

THE NEW FIDELITY FUNDSGLOBAL PROPERTY FUND
This new fund invests in a range of property securities listed on stock exchanges around the world. This gives investors attractive diversification benefits to a portfolio of equities, bonds and evenan existing investment in “bricks and mortar”. Compared to direct property, property securities have the advantage of providing a low cost, liquid and diversified range of assets, helping to manage the overall risk profile of a portfolio.

FUND OBJECTIVE
The fund aims to provide long-term capital growth from investments in listed securities issued by companies principally engaged in the real estate industry and other real estaterelated activities


KEY FACTS
• Invests in the stocks of companies engaged in the realestate business around the world, across many sectors
• The fund invests indirectly in property: the majority of assets are expected to be invested in real estateinvestment trusts (REITs)
• Concentrated portfolio of typically 50-70 stocks
• Returns will come from a combination of capital appreciation and dividend income
• This is a bottom-up, actively managed fund: portfolio construction will be driven primarily by stock selection and, to a lesser extent, by sector selection
• The fund provides exposure to a broad range of global property sectors including retail, diversified, office, industrialand residential
• Property securities are a good diversifier as global property markets and sectors have low correlations with each other. Property is a local business with local drivers
• Property securities have a low correlation to both equities and bonds which makes the fund a good diversifierin a portfolio
• This is an equity fund so it is less expensive and more liquid than direct property and bricks and mortar investments


ABOUT THE PORTFOLIO MANAGER –STEVEN BULLER
Steven Buller is a Portfolio Manager for Fidelity International’sUS affiliate company, FMR Corp. and the group leader of the REIT Group. Steven joined FMR Corp. in 1992 as an analyst inthe High Income Group. In 1995, he joined Fidelity International(FIL) in London and was responsible for establishing a credit process for the newly-formed International Fixed Income Group. He started covering REITs as a research analyst with FMR Corp.in March 1997 before becoming an Associate Portfolio Manager in December of the same year. In 1998 he became the Portfolio Manager for various REIT accounts. Steven now manages a number of FMR Corp.’s retail and institutional real estate portfolios. Among others the longest running portfolioinvesting in the US REIT market.

INVESTMENT PROCESS
Steven’s management style reflects his strong conviction in the research process and the quality of the analysts’ top picks. As such, his portfolios tend not to reflect any one investment style. As a whole, the fund may show either value or growth characteristics depending on the market environment and the availability of investment ideas. The process followed to analyse listed property securities is broadly the same as that used by the FIL and FMR Corp. equity research teams and adheres to a mixture of fundamental research and comparative valuation. The discipline seeks toidentify attractive opportunities that show good prospects for total return, a combination of both capital growth and income.

ATTRACTIVE RETURNS FROM GLOBALPROPERTY SECURITIES
.........

PROPOSED PORTFOLIO COMPOSITION AT LAUNCH
US 50%
Australia 12%
Japan 9%
UK 9%
Hong Kong 7%
Other 4%
Canada 3%
Netherlands 2%
France 2%
Singapore 1%
Spain 1%

Office 26%
Retail 25%
Diversified 23%
Residential 14%
Industrial 6%
Hotel 6%

FUND FACTS
Launch Dateecember 2005
Portfolio Manager:Steven Buller
Portfolio Manager Based:Boston
Benchmark:FTSE EPRA/NAREIT Global Real Estate Index
Valorennummer: 2397548ISIN: LU0237697510
S& Sector:S& Property Share & Real Estate Global
Number of Funds in Sector:10
Sector Size701 Million
Fund Currency:USD
Initial Charge:5.25%
Annual Management Charge:1.50%

Source: Fidelity & Standard & Poor’s as at 30.11.05
Source: FTSE Group, 30.11.05. Based on the allocation of the benchmark.This is included for the purpose of illustration only. The fund is an activelymanaged fund and this composition is likely to change after launch.

FIDELITY AND PROPERTY FMR Corp. manages since 1986 the longest runningportfolio investing in US REITs and, with over $9.6billion under management, FMR Corp. is one of the largest owners of global property securities
• FMR Corp. has almost 20 years of experience managing funds invested in Real Estate Investment Trusts
• The combined teams consist of 12 FIL and FMRCorp. investment professionals based in Boston,London, Tokyo, Hong Kong and Sydney. Bothteams believe that property is a local business –having FIL and FMR Corp.’s analysts on the ground in each of these regions provides a better understanding of the companies and the marketsin which they operate
• The team leverages off FMR Corp.’s 22 person US Real Estate Group and FIL and FMR Corp.’scombined equity research platform to gatherinformation on key tenants and industries whichdirectly affect the property sector

[ 本帖最后由 os 于 30-5-2006 11:45 AM 编辑 ]

hi, brother os,

谢谢您和大家分享这份资料。

目前，富达基金持有mahsing股权已增至7%了。

kg6763

在我初入股市时，mahsing也让我赚了不少钱，后来买了就没有再注意它了。

jackphang

马星最近的业绩出炉了，对于我而言，这是意料中的事情。不过大家都很看好马星，让我有点担心。。（不过，从去年的低点RM１。１5到今年的RM２。６０，也算让我找到开翻股了。。。）

hdcyng

原帖由 jackphang 于 15-8-2006 06:39 PM 发表
马星最近的业绩出炉了，对于我而言，这是意料中的事情。不过大家都很看好马星，让我有点担心。。（不过，从去年的低点RM１。１5到今年的RM２。６０，也算让我找到开翻股了。。。）

Profit 增加 10million
Debt 减少 10million
没有暴冷

zentey

房地產業務標青
馬星半年淨賺3151萬
（吉隆坡15日訊）馬星集團（MAHSING）截至今年6月杪首半年間，錄得3151萬令吉淨利，較去年同期的2062萬令吉增長53%。
該公司發佈文告指出，首半年營業額報2億4344萬令吉，每股盈利（EPS）達21.44仙。

該公司說，盈利成長主要歸功于巴生Aman Perdana、八打靈再也的Damansara Legenda、柔佛地不佬的Austin Perdana、以及士姑來的Sri Pulai Perdana住宅產業計劃，銷售及賺幅皆已上揚。

截至今年6月杪的次季期間，馬星集團淨利報1650萬令吉，較去年同期的1123萬令吉增長47%，營業額則達1億5021萬令吉，產業佔83%，余下源自塑膠產品。

擬增購地庫

該公司董事經理拿督梁海金表示，近期已在雪州哥文寧購買一塊地，目前仍考慮在巴生河流域增購2塊地。

他指出，該公司3項住宅產業計劃剛好位于柔南經濟區，所以建議建造1條直通龜咯山頂至巴西古當的沿海高速公路，並穿過新山喜萊苑（Sierra Perdana），將前往市中心車程減至15分鐘。
http://www.chinapress.com.my/con ... mp;art=0816bs08.txt

os

mahsing 这一次的利好消息很多
1。MERU-NKVE
2.柔佛产业全坐落在 SJER
3.三个新 project 都 overwhelming registerd interest.
4. Coastal highway
5. 从高负债到中负债到现在的低负债。

如果下两季保持这样的成绩， EPS 有机会到 40 仙。
SPSETIA 现在以 PE １０．ｘ 交易。
如果 MAHSING　成功以　ＦＷＤ　ＰＥ　８　交易，突破　ＲＭ３　应该不会太难。

hdcyng

原帖由 os 于 16-8-2006 08:41 AM 发表
mahsing 这一次的利好消息很多
1。MERU-NKVE
2.柔佛产业全坐落在 SJER
3.三个新 project 都 overwhelming registerd interest.
4. Coastal highway
5. 从高负债到中负债到现在的低负债。

如果下两季保持这 ...

也有不看好的

該公司現有估值已偏高，現有股價近乎全面反映價值。該公司股價3月至今已暴漲48.5%，比較之下，明顯超越交易所產業指數的4.3增長率%。

分析員預計，現有股價和合理價差距不大，同時和陽光（SUNRISE,6165）及游禮發（YNHB,3158）等優質產業公司比較，其股價亦出現溢價。

該公司週息率僅4.6%，即使現財政年股息增至30.9%，也僅等於6%週息率，遜色於陽光及游禮發的7.8和8.7%週息率。