Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin
Mah Sing Group Bhd, a prominent property developer, reported a 19.3% year-on-year (y-o-y) increase in its net profit for the second quarter of 2024 (2QFY2024), reaching RM60.2 million compared to RM50.5 million a year earlier. This growth was attributed to higher margins and lower net finance costs, despite a decline in revenue.
Key Takeaways:
Sales and Earnings Performance: Mah Sing achieved RM1.66 billion in sales in the first eight months of 2024, putting it on track to meet its full-year sales target of at least RM2.5 billion. Earnings per share for 2QFY2024 rose to 2.37 sen from 2.08 sen in 2QFY2023. However, quarterly revenue fell by 10.2% y-o-y to RM578.4 million due to new sales from projects that are expected to generate significant revenue once construction progresses beyond the initial stages.
Strong First-Half Results and Positive Outlook: For the first half of FY2024 (1HFY2024), net profit rose 19.6% to RM120.3 million, while revenue decreased by 11.7% to RM1.14 billion. Mah Sing is on track for a strong performance in FY2024, backed by RM2.43 billion in unbilled sales and several new launches that are expected to boost sales further.
Expansion and Future Growth: The group is preparing multiple new launches, including projects like M Azura in Setapak, M Tiara in Johor Bahru, M Terra in Puchong, M Legasi in Semenyih, and M Aspira in Taman Desa. These initiatives, combined with plans to expand its M Series and introduce new offerings, aim to maintain its growth trajectory and achieve the 2024 sales target.
Financial Stability and Land Acquisitions: Mah Sing maintains a strong balance sheet with RM911.5 million in cash and short-term investments, and a low net gearing ratio of 0.1 times. The group has secured close to RM10 billion in new gross development value through three new land acquisitions this year and five in 2023, ensuring sustainable earnings visibility. Additionally, approximately RM500 million in free cash flows generated from property completions will enhance liquidity.
Shares of Mah Sing rose by 4.52% to RM1.62 on Friday, valuing the group at RM4.15 billion, with the stock up over 95% year-to-date, reflecting strong market confidence in its growth prospects and financial performance.
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