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MKH - is this a property company?
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i4value
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09-Jun-2023 13:42
Yells: "i4value.asia" |
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MKH has property development, investment properties and plantations. Each of the segments are affected by different supply and demand factors. So when you are looking at MKH performance, is it meaningful to compare it with the Bursa Malaysia property companies? The chart below shows how the large Bursa Malaysia property companies hav performed over the last decade. I took this from my analysis Will the Malaysian Property industry turn around by 2024?  From 2020 to 2022, the sector average revenue grew at 11 % CAGR. MKH revenue only grew at 3 % CAGR. Are we comparing apple-to-apple? The usual approach is to look at companies in the same sector when comparing performance. But in the case of MKH, I would argue that we should have a " sum-of-parts" comparison. The property development segment should be compared to the property developers, the investment properties is to be compared to REITs and the plantation sector is to be compared to the plantation companies. But I have not seen analysts doing this. Are they being lazy or is what I am looking for wrong? |
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