Posted by UncleLim > 2014-02-16 15:24 | Report Abuse

Matrix's flagship development at Bandar Sri Sendayan received a 2 page write up in this morning's Star's Property Guide.

Must say the timing is perfect , just a week before release of FY results on 25th.Should get another pop tomorrow, perhaps?

Posted by 007james > 2014-02-17 15:52 | Report Abuse

accumulate more now

Posted by 007james > 2014-02-18 12:20 | Report Abuse

five trading day to go before release FY result.....grap now before too late....should be good result

Posted by asamlaksa > 2014-02-18 12:20 | Report Abuse

Grabbed and waiting to be rewarded handsomely :)

Posted by 007james > 2014-02-18 12:21 | Report Abuse

yes.it still undervalue.

Posted by talkrealreal > 2014-02-18 12:23 | Report Abuse

pricy..

Posted by 007james > 2014-02-18 14:39 | Report Abuse

the real value not yet factor inside the price

Posted by 007james > 2014-02-18 14:57 | Report Abuse

https://commerce.uk.reuters.com/purchase/showReportDetail.do?docid=65456607

Posted by 007james > 2014-02-18 15:04 | Report Abuse

http://mchb.investor.net.my/wp-content/uploads/Matrix_RHB_Initiation_Report_140106.pdf

Posted by 007james > 2014-02-18 15:04 | Report Abuse

this counter will soon be revaluation by other research house

Posted by tallman > 2014-02-18 15:22 | Report Abuse

Ecowld up 29c will follow by Matrix.

Posted by 007james > 2014-02-18 15:30 | Report Abuse

the future earning for matrix is visible . it will not stay at this price by that time once the FY result is better then expectation.

Posted by 007james > 2014-02-18 16:26 | Report Abuse

3.85 3.92 3.99 4.12 4.38 4.72

Posted by Kian Kwok Lim > 2014-02-18 16:29 | Report Abuse

£ or RM?

Posted by Ng Ying Cong > 2014-02-18 20:09 | Report Abuse

http://mchb.com.my/images/news/STARPROPERTY160214.pdf

Posted by UncleLim > 2014-02-18 20:58 | Report Abuse

Check out bursadummy's Blogspot re series of write-ups and thoughts on Matrix Concepts.

Most interesting is the latest one.

http://bursadummy.blogspot.com/search/label/Matrix

Posted by 007james > 2014-02-19 08:53 | Report Abuse

matrix concepts , an investment proxy to the growth proposition of seremban as a satellite city within the Greater Klang Valley

Posted by 007james > 2014-02-19 08:55 | Report Abuse

double-digit profit growth trend to continue with higher margins sales mix and more launches.

Posted by 007james > 2014-02-19 09:10 | Report Abuse

uptrend will be sustain continue

Posted by 007james > 2014-02-19 11:11 | Report Abuse

Initiating Coverage on Matrix Concepts with an OUTPERFORM recommendation and TP of RM4.80 based on 20% discount to its FD RNAV of RM6.00. We like the stock on account of the following factors:

(i) its flagship Bandar Sri Sendayan (BSS) and Sendayan TechValley (STV) at Seremban and Taman Sri Impian@Kluang, Johor enjoys growing demand driven by sustainable factors such as rising affordable housing demand and attractive industrial land prices, (ii) it is reaping higher margins due to low land costs, and (iii) balance sheet is in net cash position, which paves the way for aggressive GDV replenishments in Seremban.
We are estimating FY13E and 14E earnings of RM146m (+41% YoY) and RM167m (+15% YoY) based on sales assumptions of RM708m-RM760m where industrial lot land sales from STV constitute 28% and 21% of our assumptions. Valuations are attractive with dividend yields of 9.4%-7.8% and PER of 6.6x-5.8x vs. mid-cap peer averages of 4.3%-4.9% and 8.3x-7.1x for FY13 and FY14.

An affordable housing and industrial developer. Matrix has two major township landbanks; Bandar Sri Sendayan (BSS; 5,233 ac) located in Seremban, Negeri Sembilan and Taman Seri Impian (TSI) located in Kluang, Johor (900 ac). Identifiable remaining GDV of RM8.3b provides visibility up to 2022, which is far longer compared to many developers. Its main drivers are its township developments and Sendayan TechValley (STV) in BSS, which are targeted at the owner-occupiers market. Seremban is part of the Greater Klang Valley-KL Conurbation and thus, BSS has indirectly benefited from the spill-over effects due to the significant property price increase in the Klang Valley. STV has also attracted FDIs (e.g. Hino-Motor, Messier-Buggati-Dowty) which will further spur more economic activities in the area. Matrix Concepts’ demand profiles leave them relatively unscathed from the recent tightening measures.

Low land cost = high margins. Matrix Concept’s landbanks are largely locked at favourably low prices, at around 5% to 6% of Land Cost/GDV ratio as compared to the industry average of 10%-20%. Hence, the lower holding cost for the group means they reap higher gross margins of 40%-45% as compared to the average gross development margins of 20%-30%. It also provides them more pricing flexibility against the competitors which helps combat the recent property cooling measures.

Deeply net cash with more gearing headroom. As at 9M13, the company is in a net cash position of 0.36x post IPO. After netting-off their newly announced landbank commitments, and estimated dividend obligations for FY14E, we estimate that the group has RM124m (combination of cash and debt) to use for further landbanking in Seremban. Assuming that land cost is 10%-15% of GDV and a comfortable net gearing limit of 0.3x, the group can replenish up to RM0.8b-RM1.2b worth of GDV from FY14E onwards. However, the group is looking at landbank of between RM300m-RM700m next year and is likely to stick within the vicinity of BSS.

Attractive valuations and dividend yields. Matrix has a minimum 40% dividend payout policy and is the only developer to pay out quarterly dividends so far, which reiterates their strong cashflow position. Additionally, valuations are attractive with dividend yields of 9.4% and 7.8% and PER of 6.6x and 5.8x for FY13E and FY14E, respectively. This compares favourable to the mid-cap peers’ averages of 4.3% and 4.9% and 6.6x and 5.8x for Even at our TP, the group’s implied FY13E and FY14E dividend yields are 6.3% and 5.2%, which are still attractive compared to its peers. At our TP, corresponding Fwd PERs will be pegged at 9.9x and 8.6x, which is slightly higher than its mid-cap peers' averages of 8.3x-7.1x. However, this is justifiable as its market cap will increase from current RM969m to RM1.44b. Our TP provides a total return of 55%.

Posted by 007james > 2014-02-19 11:13 | Report Abuse

Maiden foray into KL. The company announced acquisition of 1.1ac freehold land in Aug-13 along Jalan Ipoh Kecil via Jalan Putra (which is behind Jalan Raja Laut) and nearby PWTC and Sunway Putra Place. The land acquisition should be completed next year. It is also within walking distance to the PWTC LRT and Chow Kit Monorail station. The land will be funded by 60:40 debt-equity ratio, which should not be an issue since the company has minimal borrowings and is net cash post IPO. The land cost of RM43.6m (RM950psf) is fair considering it makes up 17% of its estimated GDV of RM250m and we believe the group could reap 20%-25% gross margins. Although the margins are lower than its BSS’ gross margins of 40%-50%, the development is meant to promote the company’s branding in the Klang Valley and improve its visibility to promote its BSS products.

KL Project GDV estimated at RM250m. The project enjoys a high plot ratio of 8x and will mainly feature service apartments, SOHOs and retail components. We understand that the service apartments/SOHO will be mainly small units (studios and 1-2 bedrooms) and will likely be priced between RM700-800psf to target the young working adults market. If so, most units should be priced between RM350k-RM700k/unit which we deem as digestible by the market. Currently the group is in the midst of planning and submission and hopes to get approvals by mid-2015. They intend to kick-off substructure works prior to launching, meaning that the project would commence sales in 2016.

Expanding BSS via two land acquisitions. Given the increasing interest of BSS, Matrix Concept has replenished its landbank there through the acquisition of two parcels of freehold agriculture land in Labu and Rasah Kemayan in July 2013, which is nearby BSS. The acquisitions should be completed next year. The two parcel of land will add 431ac and RM1.6b worth of GDV to the remaining land size and GDV of 805.6ac and RM3.0b in BSS. We reckon the GDV is being estimated conservatively at RM142psf (assuming utilisation rate of 60%) while some secondary landed houses in Rasah Kemayan are already asking for c.RM280psf. In addition to that, the land cost only takes up 6.7% of the GDV which imply high gross margins of more than 40%. Hence, we believe the two developments will be lucrative for the company. Matrix Concept is planning for a mixed development of residential and commercial properties and would likely to commence the 1st phase in 2015-16. We believe this would not be the end of the development in BSS because we reckon that there is still ample vacant land surrounding BSS, which could potentially be up for sale and Matrix Concept may continue to further expand in the area.

Deeply net cash with more gearing headroom. As at 9M13, the company is in a net cash position of 0.36x post IPO. The group has announced three landbank deals so far amounting to RM150.4m, which should be completed by FY14. Also, the group has utilized 55% of its IPO proceeds, meaning another RM61.8m remains to be used over the next 1-1.5 years. After netting-off the mentioned and estimated dividend obligations for FY14E, we estimate that the group has c.RM110m (combination of cash and debt) for further landbanking in Seremban. Assuming that land cost is 10%-15% of GDV and a comfortable net gearing limit of 0.3x, the group can replenish up to RM0.8b-RM1.1b worth of GDV from FY14E onwards.

Landbanking plans. The company is unlikely to do any landbanking in KL until its current KL Project is proven successful. For the past two years, Klang Valley developers have been aggressively acquiring landbank in Semenyih and Bangi in Selangor but they have yet to move further south to Nilai and Seremban in Negeri Sembilan. This gives Matrix an advantage to aggressively landbank in these areas given their traction in the state and we believe it will continue dominating the Negeri Sembilan market for years to come. Matrix will continue its landbanking expansion in the BSS and Sendayan Techvalley area in the future. We understand there is c.1000ac of landbanks surrounding BSS which are undeveloped and are largely agriculture in nature. They also do not discount landbanking in mass township areas of Johor. While the company has not given us guidance on GDV replenishment targets for the next two years, we believe they can comfortably replenish up to RM300-700m GDV in a year’s time, which is also supported by our analysis above.

Posted by Stockman > 2014-02-19 11:13 | Report Abuse

RHB said buy with RM5 fair value

http://www.thestar.com.my/Business/Business-News/2014/01/07/MCH-fair-value-seen-at-RM5/

Posted by 007james > 2014-02-19 11:16 | Report Abuse

the price will soon be revise upwards

Posted by 007james > 2014-02-19 11:22 | Report Abuse

matrix : Mkt. Cap. 1,157,000,448
ecoworld : Mkt. Cap. 1,200,722,580

Posted by 007james > 2014-02-19 11:23 | Report Abuse

matrix wlll be more attractive compare to ecoworld

Posted by pathew > 2014-02-19 16:28 | Report Abuse

when Q results out?

Posted by Undefeated > 2014-02-19 22:01 | Report Abuse

25 Feb

Posted by Undefeated > 2014-02-19 22:03 | Report Abuse

Township developer always attractive than boutique developer... Matrix, Tambun...

Posted by Stockman > 2014-02-19 22:07 | Report Abuse

Matrix township of Bandar Sri Sendayan is like Damansara of Seremban

Posted by 007james > 2014-02-20 09:03 | Report Abuse

3 more days trading day , once break resistance 3.85 .it will go 3.93 4.12

Posted by asamlaksa > 2014-02-20 09:07 | Report Abuse

Don't worry 007james, price will be automatically pushed up once the good results announced together with good dividends :)

Posted by 007james > 2014-02-20 09:55 | Report Abuse

first resistance break , try second resistance 3.93

Posted by MyInvest > 2014-02-20 11:11 | Report Abuse

I think it will reach 4.60 to 5.00

Posted by 007james > 2014-02-20 11:28 | Report Abuse

now is the time. buy.

Posted by MyInvest > 2014-02-20 11:37 | Report Abuse

cheers.. james. I bought @ 2.7 and again bought 3.79

Posted by 007james > 2014-02-20 12:30 | Report Abuse

ya..you know the value of this stock..
congrat...you will be reward

Posted by MyInvest > 2014-02-20 12:32 | Report Abuse

Tq n same to you. :)

Posted by 007james > 2014-02-20 16:21 | Report Abuse

going to retest second resistance 3.93

Posted by 007james > 2014-02-21 08:56 | Report Abuse

3.93 is the important physiology barrier level .
as long as this level overcome, it will up smoothly.

Posted by 007james > 2014-02-21 10:25 | Report Abuse

growth stock with high dividen , promising future earning.
it a good defensive stock

Posted by matrix6050 > 2014-02-21 11:27 | Report Abuse

I bought at 2.58, 2.65, planning to add more.. gonna fly over RM4 with the net profit that potentially double or 80% then previous year. May be another round of dividend? :P

Posted by Tan Pean Hin > 2014-02-22 13:18 | Report Abuse

Any idea when the quarterly report to be out ?

Posted by unsunghero > 2014-02-22 13:44 | Report Abuse

25th tuesday report out

Posted by tallman > 2014-02-24 09:25 | Report Abuse

Finally break 3.90, Next tp 4.00. Good luck.

Posted by Kian Kwok Lim > 2014-02-24 09:55 | Report Abuse

Come come steady horse

Posted by 007james > 2014-02-24 10:38 | Report Abuse

possible a bonus issue to enhance the stock liquidity.

Posted by 007james > 2014-02-24 15:11 | Report Abuse

buyer coming in.....

Posted by 007james > 2014-02-24 15:32 | Report Abuse

look like a lot of people is stay by the side waiting the result to make a decision.
if the eps increase to 0.5 , maybe the price should revise to RM5.77

Posted by 007james > 2014-02-24 15:34 | Report Abuse

it almost 50% upside potential from share price now.

Posted by Overweight > 2014-02-24 18:24 | Report Abuse

I think very high chance will get dividend + special dividend or dividend +bonus issue....let's see how the show going tomorrow.