Company Valuation: Mah Sing Group

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,675 1,372 2,015 4,608 2,471 2,496 - -
Change - -18.12% 46.9% 128.7% -46.39% 1.04% - -
Enterprise Value (EV) 1 2,164 2,144 2,396 5,238 3,542 3,384 3,144 3,113
Change - -0.95% 11.78% 118.63% -32.38% -4.47% -7.07% -0.99%
P/E 15.8x 8.69x 9.36x 18.9x 9.5x 8.7x 6.8x 7.11x
PBR 0.48x 0.38x 0.55x 1.17x 0.61x 0.59x 0.56x 0.53x
PEG - 0.2x 0.3x 2.5x 1.46x 0.8x 0.2x -1.64x
Capitalization / Revenue 0.96x 0.59x 0.77x 1.83x 0.98x 0.9x 0.8x 0.8x
EV / Revenue 1.23x 0.93x 0.92x 2.08x 1.41x 1.22x 1x 0.99x
EV / EBITDA 7.21x 5.93x - 11.9x 7.05x 6.59x 5.14x 5.08x
EV / EBIT 8.28x 6.69x 6.32x 13.4x 8.02x 7.4x 5.62x 5.77x
EV / FCF -15.6x 4.17x 3.99x 10.4x 10.6x 5.33x 4.72x 6.05x
FCF Yield -6.4% 24% 25.1% 9.58% 9.4% 18.8% 21.2% 16.5%
Dividend per Share 2 0.0265 0.03 0.04 0.045 0.05 0.0514 0.0627 0.0625
Rate of return 3.84% 5.31% 4.82% 2.5% 5.18% 5.27% 6.43% 6.41%
EPS 2 0.0437 0.065 0.0887 0.0954 0.1016 0.112 0.1433 0.1371
Distribution rate 60.6% 46.2% 45.1% 47.2% 49.2% 45.9% 43.7% 45.6%
Net sales 1 1,754 2,317 2,603 2,520 2,517 2,769 3,136 3,133
EBITDA 1 300.2 361.2 - 441.6 502.4 513.2 611.6 612.9
EBIT 1 261.4 320.5 379.2 391.6 441.4 457.3 559.2 539.8
Net income 1 106.7 180 215.3 240.7 260.1 287.2 362.6 352.5
Net Debt 1 488.9 771.9 381 630.1 1,072 887.6 648.2 617
Reference price 2 0.6900 0.5650 0.8300 1.8000 0.9650 0.9750 0.9750 0.9750
Nbr of stocks (in thousands) 2,427,688 2,427,688 2,427,688 2,560,138 2,560,138 2,560,138 - -
Announcement Date 2/28/22 2/28/23 2/27/24 2/27/25 2/27/26 - - -
1MYR in Million2MYR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.7x1.22x6.59x5.27% 611M
14x4.54x12.22x3.62% 39.85B
5.74x0.78x1.6x8.58% 28.06B
17.51x3.91x15.72x1.4% 27.05B
8.28x1.46x8.04x4.27% 27.68B
13.43x3.04x14.56x2.6% 24.8B
8.3x0.92x3.35x2.69% 21.22B
10.35x2.03x8.38x4.06% 20.81B
12.64x6.31x16.59x1.72% 18.13B
35.41x13.1x32.97x3.35% 17.09B
Average 13.44x 3.73x 12.00x 3.76% 22.53B
Weighted average by Cap. 13.25x 3.66x 11.78x 3.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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