Mah Sing’s RM92m purchase of 226 acres in Rawang is good news as it is a significant move that will boost longer-term contributions from township developments. This could be the start of brisk newsflow on landbanking in the coming months. Although we like the acquisition, we are cutting our target price by 26% as we switch our valuation basis from target market P/E to parity with RNAV given the heightened global economic worries and stockmarket turbulence. But this does not affect our BUY rating.
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