[%WtCY%] 
Research by Public
Neutral - TP RM1.80

"No Surprises"

Matrix Concepts Holdings’ (MCH) 1QFY25 net profit came in at RM60.7m (-6.1% YoY, +0.1% QoQ), which is within our and consensus
expectations at about 24% and 23% of respective full year estimates. The slower start to the new financial year is attributed to lower revenue contribution from the property development segment, as revenue recognition from its flagship Sendayan Developments reduced by 16.6% YoY to RM250.3m. The Group’s sales momentum remained good, with pre-sales secured amounting to RM321.4m (or 25% of FY25 sales target of RM1.3bn), and with unbilled sales at RM1.59bn, providing earnings visibility for the next 15-18 months. All told, no change to our earnings estimates. Maintain Neutral with target price (TP) unchanged at RM1.80. That said, the stock is currently still offering an attractive dividend yield of about 5%.

Analyst:
Tan Siang Hing
[%cPhY%]

$KLSE-MATRIX 
Research by Public
Neutral - TP RM1.80

"No Surprises"

Matrix Concepts Holdings’ (MCH) 1QFY25 net profit came in at RM60.7m (-6.1% YoY, +0.1% QoQ), which is within our and consensus
expectations at about 24% and 23% of respective full year estimates. The slower start to the new financial year is attributed to lower revenue contribution from the property development segment, as revenue recognition from its flagship Sendayan Developments reduced by 16.6% YoY to RM250.3m. The Group’s sales momentum remained good, with pre-sales secured amounting to RM321.4m (or 25% of FY25 sales target of RM1.3bn), and with unbilled sales at RM1.59bn, providing earnings visibility for the next 15-18 months. All told, no change to our earnings estimates. Maintain Neutral with target price (TP) unchanged at RM1.80. That said, the stock is currently still offering an attractive dividend yield of about 5%.

Analyst:
Tan Siang Hing
research@publicinvestbank.com.my

$MATRIX / 5236 (MATRIX CONCEPTS HOLDINGS BERHAD)