26 May 2011

Mah Sing Q1 2011 Result Quick Review

Mah Sing's Q1 2011 result was released yesterday afternoon. I have a quick view on it. The summary is displayed as below: 

Q1Y2011
Q1Y2010
Comparison
Net Profit Margin
13.44%*
13.27%#
+1.28%
Asset Turnover
14.34%*
15.41%#
-6.94%
Equity Multiplier
2.327*
1.829#
+27.23%
ROE
4.485%
3.74%
+19.92%

* Balance Sheet items are used from Y2010 statement, while Income Statement items are used from Q1Y2011 statement
# Balance Sheet items are used from Y2009 statement, while Income Statement items are used from Q1Y2010 statement


There are more than 20 projects for the company, which we are hard to see in other property developers. I like the business model of Mah Sing, particularly because of its aggressiveness and fast turnover model. I remembered that during year before 2005, many analysts viewed it as a very risky model as most of the property developers employed 'Buy Land and Hold' strategy. While Mah Sing was buying land, it immediately launched the project and often meet the target to complete the buildings.  

As one of the home buyers, I always give support to Mah Sing and hope it can grow even further to overtake SPSETIA and UMLAND to be the #1 property developer in Malaysia. 

The details of the report can be viewed from below link: 

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