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1.0 Introduction of Main Company: Mah Sing Group Berhad (8583)

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1.0 Introduction of Main Company: Mah Sing Group Berhad (8583)

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Date of Establishment: 3 December 1991

Founders: Tan Sri Dato' Sri Leong Hoy Kum

Listed in: Bursa Malaysia Main Market

Listing Date: 18 February 1993

Key Characteristic:

Wide range of property (residential, commercial, industrial)

Diversification to data center business

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Malaysia's Top Property and Housing Developer - Mah Sing

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As one of the top property developers company in Malaysia, Mah Sing is commited on inventing future living that enhances quality of life.

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2.0 Ratio Analysis: Company vs Competitor

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2.0 Ratio Analysis: Company vs Competitor

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1.1 Mah Sing Group Berhad's 5-Year Financial Highlight

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1.1 Mah Sing Group Berhad's 5-Year Financial Highlight

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2.1.1 Financial Ratio Computation for Mah Sing Group Berhad

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2.1.1 Financial Ratio Computation for Mah Sing Group Berhad

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Current ratio: Declining

Quick ratio: Fluctuated

Net profit margin: Fluctuated

Return on equity: Improving

Debt to asset ratio: Increasing (Worsen off)

Debt to equity ratio: Increasing (Worsen off)

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2.1.2 Financial Ratio Computation for KSL Holdings Berhad

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2.1.2 Financial Ratio Computation for KSL Holdings Berhad

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Current ratio: Fluctuated

Quick ratio: Improving

Net profit margin: Improving

Return on equity: Improving

Debt to asset ratio: Decreasing (Better off)

Debt to equity ratio: Decreasing (Better off)

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1.2 Introduction of Competitor Selected: KSL Holdings Berhad (5038)

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1.2 Introduction of Competitor Selected: KSL Holdings Berhad (5038)

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Date of Establishment: 17 April 2000

Founders: Khoo Cheng Hai, Khoo Haw Seng, Khoo Tien Sek

Listed in: Bursa Malaysia Main Market

Listing Date: 6 February 2002

Key Characteristic: Major property players in Johor

https://www.ksl.my/annual_reports

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Property Developer in Johor Bahru|Khoo Soon Lee Realty Sdn. Bhd.

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Property Developer in Johor Bahru|Khoo Soon Lee Realty Sdn. Bhd.

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KSL Holdings Bhd is one of the major property players in Johor and has been established for over 30 years. With the aim of becoming one of the top 10 property developers in Malaysia, KSL Holdings has diversified its operations to include ventures into the Klang Valley and has a strong presence within the Iskandar Region.

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How does the risk impact company's financial performance:

Slower down of market demand will reduce financial performance and cash flow of Mah Sing Group Berhad

Recommendation:

To build more affordable housings instead of high-tier housings only

To perform continuous market research to determine the current market demand or trend before initiating the property development process

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The Edge Malaysia RealTalk 2022 was held at One World Hotel in Petaling Jaya, Selangor, on the morning of July 16. This is the 14th edition of the annual forum, previously known as The Edge Investment Forum on Real Estate. The forum, with the theme “Investing in Volatile Times:…

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Risk 2: Increasing Construction Costs and Operational Costs

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Risk 2: Increasing Construction Costs and Operational Costs

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How does the risk impact company financial performance:

Increase in construction raw material costs and labors costs in construction sector will give the direct impact on Mah Sing's profit margin since the contract and selling price to customers are fixed.

Recommendation:

Mah Sing can enter long-term agreement with key suppliers or to adopt industrialized building system (IBS) to facilitate a more efficient construction process.

A good cost control system should be implemented to keep track on costs.

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KUALA LUMPUR: Residential property prices are expected to go up this year on the back of continuous construction price hikes, says Henry Butcher Real Estate Sdn Bhd chief operating officer Tang Chee Meng.

"As far as the prices are concerned, property developers have been absorbing the increase in construction costs in the past few years.

"Costs of steel, bricks and other building materials have gone up quite significantly," he said at a press conference in conjunction with Henry Butcher Malaysia Perspective 2025 here yesterday.

Tang added that the market has yet to be in a strong position and developers were not able to pass the cost on to house buyers.

On a brighter note, the Real Estate and Housing Developers' Association Malaysia stated that the market had seen an improvement and it is the time for members to consider recouping some of the additional costs.

The property market had seen an overall improvement throughout the nine months of 2024 with higher transaction volume and value reported.

Moving forward, Tang pointed that the market would continue to register positive growth in 2025, underpinned by steady gross domestic product growth projections, digitalisation within the industry, major infrastructure developments as well as continuous increase in foreign and domestic direct investments.

Meanwhile, the industrial sub-sector is expected to take the lead and perform well followed by the residential sub-sector.

However, Tang stressed on a potential risk following US president Donald Trump's comeback which may affect Malaysia's ambitions to become a regional centre for chip design and manufacturing.

"Otherwise, we believe that the industrial sub-sector will continue to lead the way in terms of performance," he added.

Meanwhile, Bank Negara's move to maintain the overnight policy rate of 3% and the rise in the minimum wage are expected to augur well for the residential property market.

"The Housing and Local Government Ministry has mentioned that it would be introducing the Urban Renewal Act to be tabled this year and it has already identified 139 sites.

"So this is actually a major thing that will happen in the property market," he pointed out.

As for the office sub-sector, Tang said the entries of several multinational companies to set up regional offices in the country are expected to contribute to the increase in demand for office space.

The retail property sub-sector, on the other hand, may experience slower growth following the increase in the cost of living as well as sales and service tax.

But this may be mitigated by the hike in the minimum wage as well as the recovery in the tourism sector.

Nonetheless, Henry Butcher noted the oversupply situation in both the office and retail sub-sectors.

The hospitality sub-sector's outlook is promising on the back of the upcoming Asean Tourism Forum 2025 and Visit Malaysia Year 2026.

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'Significant' increase in building material prices

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Residential property prices are expected to go up this year on the back of continuous construction price hikes, says Henry Butcher Real Estate Sdn Bhd chief operating officer Tang Chee Meng.

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How does the risk impact company performance:

When a more stringent loan approvals is being imposed, it will reduce buyer eligibility and bar a certain group of buyers from obtaining the loan to purchase the houses, leading to decline in Mah Sing's sales order.

Recommendation:

Mah Sing should proactively engage with regulators or authority bodies so that Mah Sing will be well informed and stay ahead on any potential policy shifts.

Consider business diversification

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Malaysia’s Housing Challenges and Progress Towards Affordability

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Economic factors, government policies, and demographic changes contributed to significant transformations in the Malaysian housing market between 2000 and 2025. During this period, Malaysia’s economy fluctuated in tandem with the global economy, influenced by domestic policy changes and demographic shifts. Key drivers for housing demand included urbanization, population growth, and rising household incomes. However, the housing market became increasingly unaffordable due to the disparity between income growth and housing prices. In the early 2000s, house prices began to rise rapidly. By 2016, they were 2.4 times higher than in 2000. From 2002 to 2014, house prices grew at a compound annual growth rate (CAGR) of 26.5%, while income increased by only 11.7% during the same period. This imbalance significantly affected homeownership rates, which declined from 4.1% in 2002 to 5.1% in 2014 before slightly increasing to 5.0% in 2016. Government Policy and Initiatives The Malaysian government is actively addressing housing affordability and living conditions through various policies. A key focus of the National Housing Policy (2018–2025) is affordable housing planning and development. Programs such as the People’s Housing Programme (PPR) are critical in providing low-cost housing for low- and middle-income families. Despite these efforts, challenges remain. As of mid-2023, only […]

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In 2021, Malaysia-Singapore has began the project of Johor Bahru-Singapore Rapid Transit System (RTS) which is targeted to be completed by end of 2026. As a result, the convenience factor has led positive transformation on Johor Bahru's property market as it not only attracts local buyers but also foreign buyers, including Singaporeans as they might regard Johor Bahru houses to become a more affordable housing options and the place for retirement. Such condition can bring advantages to Mah Sing as Mah Sing possesses vast land reserves in Pulai and Pasir Gudang, which is within Johor Bahru's region.

In Budget 2024, government has introduced a series of initiatives to encourage people can afford to own their dream house. Among the initiatives are provisions of RM10 billion under Skim Jaminan Kredit Perumahan (SJKP) to further assist the first-time homebuyers to secure housing loan easily. Besides, the extension of stamp duty exemption for first-time homebuyers valued at RM500,000 and below until December 2025 has been implemented, thereby assist homebuyers to lower down initial capital required to purchase the houses.

In Budget 2025, government has announced on the tax relief for first-time homebuyers where RM7,000 tax relief can be claimed for properties purchased up to RM500,000 and RM5,000 tax relief can be claimed for properties purchased between RM500,000 to RM750,000. The mentioned tax relied can be claimed for 3 consecutive year of assessment, starting from the year where the house installment interest is being paid, provided that the sales and purchase agreement (SPA) is signed between1 January 2025 to 31 December 2027.

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- Work to get the rail systems of the Johor Bahru-Singapore Rapid Transit System (RTS) Link up and running has reached the halfway mark, as the cross-border rail project moves closer to completion.

Since September 2024, RTS Operations (RTSO), the company appointed to run the light rail line, has been installing tracks in and around the RTS Link depot in Wadi Hana in Johor Bahru, with these works now about 65 per cent done.

Tracks are also being installed on the viaducts around Bukit Chagar station - the Malaysian terminus of the two-station, 4km rail link.

RTSO said on Feb 26 that the trackwork will extend towards Woodlands North station in Singapore and be completed by July.

Other system works will be done in phases, added RTSO, a Singapore-incorporated joint venture between Singapore rail operator SMRT and Malaysian public transport firm Prasarana.

For instance, the installation of the traction power, signalling and communications systems for the RTS Link will start from March. Traction power refers to the electricity that powers trains.

At a media briefing held at the company's new corporate office in the Johor Bahru city centre, RTSO project director Zahrin Abdul Gani said the rail system works, which include testing and integration, are expected to peak over the coming months and hit a "crescendo" around the third quarter of 2026.

After that, trial operations will be carried out, with the aim of starting passenger service by the end of 2026, as scheduled.

RTSO chief executive Ahmad Marzuki Ariffin said: "Our goal is to deliver a reliable transport service that alleviates congestion and strengthens cross-border connectivity."

Dr Marzuki was asked at the briefing when the fares for the new rail service will be announced, and if the fare will be the same in Malaysian ringgit and Singapore dollars.

In response, he referred reporters to an earlier statement by Malaysian Transport Minister Anthony Loke, who said ticket prices would be made known closer to the start of passenger service in 2026.

Dr Marzuki added in Malay: "There are actually a lot of processes to determine the fare, seeing as it involves two countries."

When ready, the RTS Link will be able to carry up to 10,000 people an hour in each direction, with RTSO promising a train frequency of 3.6 minutes during peak hours.

The line will be served by eight train sets manufactured by Chinese train maker CRRC Zhuzhou Locomotive.

The first of these four-car trains has already been assembled and tested at the factory in Zhuzhou in China's Hunan province.

Asked when these trains will be delivered, Mr Zahrin said: "What we can report at this stage is that we are making good progress."

Under a bilateral agreement signed in 2020, Singapore's Land Transport Authority and Malaysia's Mass Rapid Transit Corporation are each responsible for funding, building and maintaining the RTS Link's civil infrastructure and stations in their own countries.

Meanwhile, RTSO will own, design, build and finance the rail link's operating assets, such as the tracks and various core systems.

As at Feb 26, the RTS Link viaducts on the Malaysia side have been completed.

Works to fit out Wadi Hana depot, as well as the station and immigration complex in Bukit Chagar, are under way.

On the Singapore side, more than 80 per cent of the civil infrastructural works have been completed. The remaining works include architectural works, roadworks and the installation of non-rail systems such as immigration gates.

Since November 2024, RTSO has been progressively given access to the RTS Link's civil structures, so it can begin installing the rail systems.

On Feb 26, Singapore and Malaysian media were taken on a visit to Wadi Hana depot for the first time to get an idea of how the rail link's tracks are being installed.

The depot sits on a 5.7ha plot of land about 1km north of Johor Bahru Sentral.

The top floor of the depot, which is about 15m above ground, will have seven tracks in all. There are separate tracks for light and heavy maintenance, two tracks used to store trains, and another track that leads to an automatic train washing area.

In all, about 1.3km of tracks will need to be installed at the depot, 7.7km on the viaducts, and 3.1km in the underground tunnels on the Singapore side.

The installation process first entails welding together steel rail pieces about 25m in length, to form longer 250m segments. These segments are then laid atop concrete sleepers and secured using rail fasteners.

Next, the spaces between the sleepers are filled with concrete and other parts of the track, such as the third rail, which supplies power to the trains, are installed.

The joints between each 250m-long rail segment also need to be welded together, using a method that involves generating temperatures of more than 2,500 deg C. According to RTSO, 690 of such welds are needed for the entire RTS Link project.

Given the rail line's proximity to saltwater, which can cause metal to corrode, a number of the components have been designed to better withstand such conditions.

For instance, the brackets that support the RTS Link's third rail are made of a glass-reinforced polymer, similar to fibreglass, instead of the usual steel.

A representative from China Harbour Engineering Company, the contractor in charge of the RTS Link's trackwork, said this is the first time such support brackets are being used on a rail system in Singapore and Malaysia.

RTSO said there are about 150 workers carrying out the installation of the RTS Link tracks and systems today. When passenger service starts by the end of 2026, the rail line will be staffed by about 200 operations and maintenance workers.

Kok Yufeng is a transport correspondent at The Straits Times.

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JB-S'pore RTS Link systems 50% complete; tracks from Malaysia to Woodlands to be done by July

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Trial operations are slated for the third quarter of 2026, ahead of the start of passenger service. Read more at straitstimes.com.

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1. Housing Overhang and Affordability Issue

As at 2024's first half, there are approximately 127,000 unsold residential units, where a significant concentration in urban areas such as Johor, Kuala Lumpur, and Selangor. Out of the unsold residential houses, majority of the houses are priced below RM300,000, indicating there is mismatch between demand and supply in Malaysia property market. Another reason contribute to the affordability issue is rising living costs and stagnant wages, resulting to own a house will become a challenging task for many Malaysians.

2. Higher Household Debts

According to Radhi & Sallehuddin (2024), Malaysia's household debt is stood at 84.2% of GDP, reflecting on the limited capacity in increasing the borrowings. While the loan approval rates have slightly increased to 47.2% in July 2024, coupled with inflationary pressures and potential relaxation of loan standards might lead to higher delinquencies, particularly on the category of households with lower-income.

3. Policy Uncertainty

It is undeniable that Malaysia property market is vulnerable to political and economic uncertainty. An example is the changes in Malaysia My Second Home (MM2H) regulations with 3-tiered system, namely silver, gold, and platinum might lead to confusion among the foreign homebuyers even though the previous requirements such as liquid assets and minimum offshore income have been removed. Uncertainty or inconsistency in policy will lead to delay in decision-making, affecting interest of foreign investor, and changing of the risk appetite for financial institutions.

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From the malaysia community on Reddit: Oversupply high debt weigh heavily on Malaysia’s property sector

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Posted by stormy001 - 4 votes and 3 comments

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Current Ratio: KSL Holdings Berhad better off

Quick Ratio: KSL Holdings Berhad better off

Net Profit Margin: KSL Holdings Berhad better off

Return on Equity: KSL Holdings Berhad better off

Debt to Asset Ratio: KSL Holdings Berhad better off

Debt to Equity Ratio: KSL Holdings Berhad better off

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1. Importance of accessing financial statement and analyzing financial ratios to judge the trend and financial performance of the company. And also, to possess better analytical skills to interpret the main causes or factors leading to abnormal financial ratio performance.

2. Ability to compare the financial ratio performance between companies and determine which company is better off in terms of financial performance achievement.

3. Importance of understanding on company background and relate the company's nature business with potential risk, challenges, and growth opportunities based on existing market environment.

4. Importance of developing critical thinking and thorough consideration before making the investment decision to ensure accuracy of decision made.