[%ymEi%]
Research by Apex
Buy - TP RM2.07

"Earnings impacted by weaker BSS contribution"

• MATRIX’s 1QFY25 core net profit at RM60.7 (-6.1% yoy and flattish qoq) came below expectations, accounting to only 18.6% and 22.8% of ours and consensus forecast respectively, impacted by timing of launches of BSS township projects.
• Tweaked our FY25-26 earnings forecast lower by -24.5%/-19.9%, adjusting to weaker-than-expected contribution from BSS township.
• Maintained BUY recommendation on MATRIX, but with lower target price of RM2.07 (based discount rate of 20% to our RNAV) post earnings revision.

Analyst:
Team Coverage
[%JJnX%]

$KLSE-MATRIX
Research by Apex
Buy - TP RM2.07

"Earnings impacted by weaker BSS contribution"

• MATRIX’s 1QFY25 core net profit at RM60.7 (-6.1% yoy and flattish qoq) came below expectations, accounting to only 18.6% and 22.8% of ours and consensus forecast respectively, impacted by timing of launches of BSS township projects.
• Tweaked our FY25-26 earnings forecast lower by -24.5%/-19.9%, adjusting to weaker-than-expected contribution from BSS township.
• Maintained BUY recommendation on MATRIX, but with lower target price of RM2.07 (based discount rate of 20% to our RNAV) post earnings revision.

Analyst:
Team Coverage
research.dept@apexsecurities.com.my

$MATRIX / 5236 (MATRIX CONCEPTS HOLDINGS BERHAD)