buyer coming in.....

possible a bonus issue to enhance the stock liquidity.

let the share speak then we will know what going..

it a good news , but not the latest

if something good announcement , will the price push to 0.900 to 1.00? we shall see.

now the share movements is like last year when johor sultan buy in stake .before announcement ,the price surge almost double that time .will this happen again?

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

wow..push up again...

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

price and volume increase day by day.....

going to retest second resistance 3.93

it rebound from lowest 0.605 until 0.700 . probably something is brewing.

warrant will be more attractive if something really brewing.

the director keep accumulate previous , maybe something corporate exercise going on?

maybe something brewing for this share . it keep push up after down despite index down.

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

now is the time. buy.

first resistance break , try second resistance 3.93

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

matrix wlll be more attractive compare to ecoworld

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

the price will soon be revise upwards

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.

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%.

uptrend will be sustain continue

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

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

3.85 3.92 3.99 4.12 4.38 4.72

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.

this counter will soon be revaluation by other research house

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

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

the real value not yet factor inside the price

yes.it still undervalue.

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

accumulate more now

it a deeply undervalue stock

the opening price keep jump these few days. it will keep going higher until the real value.

it coming..

watch closely

will be reward very soon...

all scable investor will be reward soon.

buy

Balingan coal-fired plant (600MW)

thin volume, price increase. something on going