Interest In MGB Raised Based On Several Key Factors
Interest In MGB Raised Based On Several Key Factors
In the pre-cast segment, MGB's Saudi Arabian business has secured approximately 64,000 cubic metres of pre-cast concrete orders, approaching its first-year target of 90,000 cubic metres. Analysts anticipate that order volumes will increase by the end of FY24, with MGB's facility being the largest among the three serving Jeddah and Makkah. The company aims to expand its role in design-and-build projects for apartments, in addition to its pre-cast component supply and installation.MGB Berhad (MGB) remains a compelling investment opportunity, driven by its diversified growth drivers across construction, property, pre-cast business, and industrial park development. Following a recent results briefing, analysts have maintained a BUY recommendation on the stock, with a revised target price of RM1.20, reflecting a potential upside of approximately 41% from its current price of RM0.85.
受建築、房地產、預製業務和工業園區開發等多元化增長驅動力的推動，mGB Berhad（MGB）仍然是一個引人注目的投資機會。在最近的業績發佈會之後，分析師維持了對該股的買入建議，將目標價修訂爲1.20令吉，反映出其當前0.85令吉的潛在上漲空間約爲41％。
The positive outlook for MGB is underpinned by several key factors. The company has secured a substantial pipeline of affordable housing projects, including a conditional share purchase agreement for a 32-acre plot in Taman Putra Prima, Puchong. This land will be used to develop an affordable housing project under the Rumah Selangorku 3.0 (RS3) initiative, projected to have a gross development value (GDV) of RM399 million and comprising 1,980 units. This addition could increase MGB's portfolio of affordable homes to 9,190 units, up from the current 7,210 units. Additionally, part of the land may be used for a high-rise project with an estimated GDV of RM271 million, also expected to launch in 3Q25.
mGB的樂觀前景是由幾個關鍵因素支撐的。該公司已經獲得了大量經濟適用住房項目，包括在蒲種Taman Putra Prima購買佔地32英畝的土地的有條件股份購買協議。這塊土地將用於開發Rumah Selangorku 3.0（RS3）計劃下的經濟適用住房項目，預計總開發價值（GDV）爲39900萬令吉，包括1,980個單元。這一增加可能會使MGB的經濟適用房投資組合從目前的7,210套增加到9,190套。此外，部分土地可能用於高層建築項目，估計GDV爲271萬令吉，也預計將在25年第三季度啓動。
MGB's joint venture with Terengganu Incorporated to develop the Kertih Terengganu Industrial Park (KTIP) further bolsters its growth prospects. Spanning 780 acres with an estimated GDV of RM747 million, the project is progressing with two out of seven development orders approved as of end-June. This venture could significantly benefit from strong land sales enquiries and the potential appointment of MGB as a design-and-build contractor for manufacturing facilities.
MGB與登嘉樓公司合資開發Kertih Terengganu工業園（KTIP），進一步提振了其增長前景。該項目佔地780英畝，估計GDV爲74700萬令吉，正在進行中，截至6月底，七份開發訂單中有兩份獲得批准。強勁的土地銷售調查以及可能任命mGB爲製造設施的設計和建造承包商，這可能會使該合資企業受益匪淺。
In the pre-cast segment, MGB's Saudi Arabian business has secured approximately 64,000 cubic metres of pre-cast concrete orders, approaching its first-year target of 90,000 cubic metres. Analysts anticipate that order volumes will increase by the end of FY24, with MGB's facility being the largest among the three serving Jeddah and Makkah. The company aims to expand its role in design-and-build projects for apartments, in addition to its pre-cast component supply and installation.
在預製件領域，MGB的沙特阿拉伯業務已獲得約64,000立方米的預製混凝土訂單，接近其第一年90,000立方米的目標。分析師預計，到24財年末，訂單量將增加，其中MGB的設施是爲吉達和麥加服務的三個設施中最大的。除了預製組件的供應和安裝外，該公司還旨在擴大其在公寓設計和建造項目中的作用。
Earnings forecasts have been revised upwards, with FY25-26F earnings increased by 3% and 10%, respectively. This adjustment accounts for the new property projects in Puchong and a higher pre-cast volume target, now set at 110,000 cubic metres in FY25. The updated SOP-derived target price of RM1.20 reflects a slight increase from the previous RM1.16 and includes no ESG premium.
Source: RHB
Title: Various Growth Drivers In Place; Stay BUY
收益預測已向上修正，FY25-26F 的收益分別增長了3％和10％。這一調整考慮到了蒲種的新房地產項目和更高的預製量目標，目前設定爲25財年11萬立方米。更新後的SOP衍生目標價格爲1.20令吉，較之前的1.16令吉略有上漲，並且不包括ESG溢價。
資料來源：RHB
標題：各種增長驅動力已經到位；保持買入
譯文內容由第三人軟體翻譯。