MGB's Impressive Traction In Property Sales
MGB's Impressive Traction In Property Sales
MGB's future growth potential is further enhanced by its expanding presence in the KSA housing market and opportunities for securing more affordable housing projects in Selangor. The company's ongoing projects under KITA@Cybersouth contribute significantly to its construction order book, and the launch of additional projects by LBS Bina could bolster MGB's job replenishment prospects.MGB Bhd's (MGB) performance in the first half of 2024 has been impressive, driven significantly by its property development segment. The company reported a core profit of RM28.2 million, marking a 20% year-on-year increase and aligning with expectations at 50% of full-year projections. MGB's property arm, in particular, has been a strong contributor, with a remarkable over 100% growth in pre-tax profit (PBT) due to successful sales and development of several high-value projects, including the Rumah Selangorku Idaman (Idaman) projects. These projects, which have a total gross development value (GDV) of approximately RM1.1 billion, comprise about 3,200 units.
mGB Bhd（MGB）在2024年上半年的表現令人印象深刻，這在很大程度上受其房地產開發部門的推動。該公司公佈的核心利潤爲2820萬令吉，同比增長20％，與全年預期的50％持平。特別是MGB的房地產部門做出了強有力的貢獻，稅前利潤（PBT）的顯著增長超過100％，這要歸因於包括Rumah Selangorku Idaman（Idaman）項目在內的多個高價值項目的成功銷售和開發。這些項目的總開發價值（GDV）約爲11令吉，包括約3,200個單元。
RHB in its review said given MGB's solid performance and future prospects has its analysts maintain a BUY call with a revised target price of RM1.16, reflecting a 37% upside from the current price. This updated target price incorporates a projected yield of around 2% for FY24. The positive outlook is supported by anticipated continued growth in earnings, driven by increased progress billings and ongoing success in property sales.
RhB在審查中表示，鑑於MGB的穩健表現和未來前景，其分析師維持買入看漲期權，修訂後的目標價爲1.16令吉，較當前價格上漲37％。更新後的目標價格包括24財年約2％的預計收益率。在進度賬單增加和房地產銷售持續成功的推動下，預期的收益持續增長支撐了樂觀的前景。
In the second quarter of 2024, MGB's core profit growth was underpinned by its property development segment, which saw PBT margins remain robust at 17%. This is in contrast to a notable 87% drop in PBT from the construction arm, which is experiencing a decline as some projects reach completion and start-up costs are incurred for new ventures in Saudi Arabia. Despite these challenges, MGB's current construction order book remains strong, valued at RM1.3 billion as of the end of Q2 2024, including significant contracts related to LBS Bina's KITA@Cybersouth township developments.
在2024年第二季度，MGB的核心利潤增長由其房地產開發板塊支撐，該板塊的PbT利潤率保持強勁的17％。與此形成鮮明對比的是，建築部門的PbT顯著下降了87％。隨着一些項目的竣工以及沙特阿拉伯新企業的啓動成本的增加，該部門的PbT正在下降。儘管面臨這些挑戰，但MGB目前的建築訂單仍然強勁，截至2024年第二季度末，其價值爲13令吉，其中包括與LBS Bina的KITA @Cybersouth 鄉鎮開發項目相關的重要合同。
MGB's future growth potential is further enhanced by its expanding presence in the KSA housing market and opportunities for securing more affordable housing projects in Selangor. The company's ongoing projects under KITA@Cybersouth contribute significantly to its construction order book, and the launch of additional projects by LBS Bina could bolster MGB's job replenishment prospects.
MGB在沙特阿拉伯住房市場的影響力不斷擴大，以及在雪蘭莪州獲得更多經濟適用住房項目的機會，進一步增強了其未來的增長潛力。該公司在KITA @Cybersouth 下正在進行的項目爲其施工訂單做出了重大貢獻，而LBS Bina推出的更多項目可能會提振MGB的就業補給前景。
譯文內容由第三人軟體翻譯。
