[%xesb%] 
Research by RHB
Buy - TP RM2.15

"Temporary Hiccup In Earnings; BUY"

Maintain BUY and MYR2.15 TP, 14% upside with c.6% FY24F (Mar) yield. Matrix Concepts’ 1QFY25 results are slightly below estimates, mainly due to the timing of billings and, hence, revenue recognition. As its property sales and unbilled sales remain healthy, we expect earnings to pick up in the coming quarters. MCH is on track to meet its FY25 sales target of MYR1.3bn, as 1QFY25 property sales amounted to MYR321.4m. Long-term growth will be driven by developing/selling 2,382 acres of land in Malaysian Vision Valley (MVV 2.0), entrenching the company’s presence in the Sendayan area.

Analyst:
Loong Kok Wen, CFA
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$KLSE-MATRIX 
Research by RHB
Buy - TP RM2.15

"Temporary Hiccup In Earnings; BUY"

Maintain BUY and MYR2.15 TP, 14% upside with c.6% FY24F (Mar) yield. Matrix Concepts’ 1QFY25 results are slightly below estimates, mainly due to the timing of billings and, hence, revenue recognition. As its property sales and unbilled sales remain healthy, we expect earnings to pick up in the coming quarters. MCH is on track to meet its FY25 sales target of MYR1.3bn, as 1QFY25 property sales amounted to MYR321.4m. Long-term growth will be driven by developing/selling 2,382 acres of land in Malaysian Vision Valley (MVV 2.0), entrenching the company’s presence in the Sendayan area.

Analyst:
Loong Kok Wen, CFA
loong.kok.wen@rhbgroup.com

$MATRIX / 5236 (MATRIX CONCEPTS HOLDINGS BERHAD)