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 2,867 - -
Change - -18.12% 46.9% 128.7% -46.39% 16.06% - -
Enterprise Value (EV) 1 2,164 2,144 2,396 5,238 3,542 3,755 3,516 3,485
Change - -0.95% 11.78% 118.63% -32.38% 6.01% -6.37% -0.88%
P/E 15.8x 8.69x 9.36x 18.9x 9.5x 10x 7.81x 8.17x
PBR 0.48x 0.38x 0.55x 1.17x 0.61x 0.67x 0.64x 0.61x
PEG - 0.2x 0.3x 2.5x 1.46x 1x 0.3x -1.85x
Capitalization / Revenue 0.96x 0.59x 0.77x 1.83x 0.98x 1.04x 0.91x 0.92x
EV / Revenue 1.23x 0.93x 0.92x 2.08x 1.41x 1.36x 1.12x 1.11x
EV / EBITDA 7.21x 5.93x - 11.9x 7.05x 7.32x 5.75x 5.69x
EV / EBIT 8.28x 6.69x 6.32x 13.4x 8.02x 8.21x 6.29x 6.46x
EV / FCF -15.6x 4.17x 3.99x 10.4x 10.6x 5.92x 5.28x 6.77x
FCF Yield -6.4% 24% 25.1% 9.58% 9.4% 16.9% 18.9% 14.8%
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% 4.59% 5.6% 5.58%
EPS 2 0.0437 0.065 0.0887 0.0954 0.1016 0.112 0.1434 0.137
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 2,768 3,136 3,133
EBITDA 1 300.2 361.2 - 441.6 502.4 513.1 611.6 612.9
EBIT 1 261.4 320.5 379.2 391.6 441.4 457.3 559.2 539.8
Net income 1 106.7 180 215.3 240.7 260.1 287.1 362.5 352.4
Net Debt 1 488.9 771.9 381 630.1 1,072 887.5 648.3 617.2
Reference price 2 0.690 0.565 0.830 1.800 0.965 1.120 1.120 1.120
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.($)
10x1.36x7.32x4.59% 709M
15.51x4.92x13.25x3.27% 44.16B
18.25x4x16.07x1.34% 28.47B
8.37x1.53x7.99x4.29% 27.74B
5.5x0.66x1.4x9.09% 26.47B
14.38x3.1x14.83x2.51% 26.04B
10.51x2.12x9.04x4% 21.13B
7.81x0.86x3.15x2.86% 19.97B
13.23x6.43x16.91x1.65% 19.16B
10.05x1.48x12.38x3.81% 18.38B
Average 11.36x 2.65x 10.23x 3.74% 23.22B
Weighted average by Cap. 11.97x 2.95x 10.76x 3.68%

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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