MATRIX Q3'14

Matrix Concepts: Sitting tight in Negeri Sembilan

The Seremban-based property developer is a burgeoning property player. A strong performance in its second quarter as well as the recent purchase of a 164-acre piece of land to replenish its land bank led to great optimism among analysts. Yet its share price has been on a downtrend lately.

Business model: Established in 1996, Matrix Concepts Holdings Bhd started off as a property development company in Negeri Sembilan. In 2004, its acquisition of another property developer, Seventech Sdn Bhd, saw Matrix Concepts expanding into Johor. It went public in the same year and subsequently went into joint-venture (JV) with Kemajuan Tanah Negeri Johor Bhd and Menteri Besar Incorporated.
The group was listed on the main market of Bursa Malaysia Securities Berhad on May 28, 2013.
Its primary activities are investment holding, property development and construction. The group has undertaken various township developments in Kluang and Seremban as well as residential and commercial projects in Seremban. Bandar Sri Sendayan in Negeri Sembilan is thus far the group’s largest project and constitutes 79.7% of revenue in 2013.
Others include Sendayan TechValley as well as Taman Sri Impian in Kluang. In 2011, it signed a memorandum of understanding (MoU) with six foreign companies from Japan, Taiwan, Hong Kong and France for the sale of industrial lots at Sendayan TechValley 2 in Negeri Sembilan.
According to the group it has to-date successfully built and sold 22,000 residential and commercial properties with a gross development value (GDV) of RM2.5 billion.
Shareholder and management assessment: The company’s major shareholders include its founder, Lee Tian Hock, who is also managing director and CEO. He currently owns a substantial 19.81% of the company’s shares followed by Shining Term Sdn Bhd which holds 15.93%.
Its non-independent non-executive chairman Mohamad Haslah Mohamad Amin spent 20 years in Maybank Bhd and had previously served various foreign companies namely Peregrine Fixed Income Ltd in Hong Kong, Fleet Boston NA in Singapore as well as Pacific Plywood Holdings Ltd in Hong Kong.
Lee has had 30 years of experience in the property development industry and prior to founding the group, he held various executive positions in several property development companies. He currently leads the group’s business direction and overall strategies and policies.
Matrix Concepts 1 year price performanceShare performance: Matrix Concepts has been trading in a 52-week range of RM1.89 to RM3.32 with an annual return of 62.99% and has far surpassed the FBM KLCI benchmark of 3.04%. However, there has been a slump in the share price since late September when it plunged to RM2.74, an all-time low since experiencing a general uptrend in mid-June.
As at Oct 23, it was trading at RM2.96 up 0.06 sen.
Analyst calls on Matrix Concepts Holdings 231014What analysts think: Analysts are on the whole positive. The group currently registered revenue of RM163.7 million for the second quarter of the financial year ending Dec 31, 2014 (2QFY14) compared to RM147.3 million in last year’s corresponding quarter. Its profit before tax (PBT) for 2QFY14 stands at RM58.6 million compared to last year’s RM40.6million.
Analysts’ optimism stems from the group’s recent purchase of 164 acres of land for RM71.5 million in Sendayan, Negeri Sembilan to replenish its industrial land bank. The pricing of the land is deemed fair to most analysts and is in line with the current market value of RM72 million.
Earnings forecast:

Earnings forecast for Matrix Concepts Holdings 231014

StockStalk: The new land slated for the development of a full facility industrial park called Sendayan TechPark is expected to generate GDV of RM170 million. The purchase has now increased the group’s land bank to a total 1,164 acres.
Given the infrastructure in Sendayan TechValley and its close proximity to Greater Klang Valley, Matrix’s industrial land is highly sought after and there would be ready buyers as noted by RHB.
In addition, the selling price is expected to be RM30-RM35 per square feet (psq), which according to RHB would make Matrix rake in a 50% gross margin by selling the industrial land plot and thus retain the group’s overall margin at 30% to 40%.
The group’s higher presence in Negeri Sembilan which is seen as an increasingly thriving satellite city is a reason to be optimistic. However, the lack of landbank diversification means that the group’s “fate is completely tied to that of Seremban” as observed by HongLeong Group.
It is also important to note that Sendayan TechValley has been quite well received with 760 acres sold to date mostly to multinational corporations from Japan, the UK, Germany, France and China.
The share has been experiencing a general downtrend and trading below analyst’s expectation lately. Investors seem to be lukewarm about the announcement since late September but this could probably be a result of overall poor market sentiment. The FBM KLCI has been trading at a near one-year low.
Most of the group’s properties consist of affordable housing which is continuously backed by government support. Kenanga believes that the group is “well positioned in the affordable housing segment coupled with industrial developments within the Greater Klang Valley region”.
Overall analysts are confident about Matrix Concepts’ ability to deliver a similar 2Q14 performance in subsequent quarters due to strong billings, sales take up rates as well as potential land sales.

Source:
www.kinibiz.com/story/stock-stalk/115970/matrix-concepts-sitting-tight-in-negeri-sembilan.html

Matrix Concepts looks to double GDV by year-end

Souce: The Edge Financial Daily

MATRIX Q2'14

Matrix Concepts in Forbes 200 best Asia list

Source: The Edge Financial Daily

Matrix Concept joins Billion Ringgit Club

Source: The Edge Financial Daily

MATRIX Q1'14

Matrix enters into SPAs with related parties

Matrix proposes 1 for 2 bonus issue

PETALING JAYA: Matrix Concepts Holdings Bhd proposes to undertake a bonus issue on the basis of one bonus share for every two existing shares held by shareholders.

In a filing with Bursa Malaysia, the bonus issue entails a issuance of up to 152.88 million new ordinary shares of RM1.00 each.

The maximum scenario would then result in the group's share capital increasing from RM301.17 million comprising 301.17 million shares of RM1.00 each as at Dec 31, 2013, to RM458.65 million comprising 458.65 million shares of RM1.00 each.

"The bonus issue is in tandem with our current scale of operations, and is anticipated to allow greater participation in the equity of the group," said its chairman Datuk Mohamad Haslah.

The bonus issue is targeted for completion by the third quarter of 2014.

The company also confirms that based on the audited financial statements for the financial year ended Dec 31, 2013, it will have adequate share premium and retained profits to cover the capitalisation required for the bonus issue after the completion of the receipt of dividend.

The bonus issue is targeted for completion by the third quarter of 2014.

Source: Thesundaily

MATRIX Q4'13

MATRIX Concepts value seen fair at RM5

MATRIX CONCEPTS HOLDINGS BHD

By RHB Research Institute

Buy

Target Price: 5.00

MATRIX Concepts Holdings Bhd’s (MCH) catalyst this year would be the acquisition of land to extend the Sendayan Tech Valley (STV). The acquisition is intended to not only sustain sales of industrial land, but more importantly, to boost job opportunities and hence, create spillover demand for properties in Bandar Sri Sendayan (BSS).

In addition, the completion of the Tentera Udara Diraja Malaysia complex Seremban Toll and new link to KLIA in two to three years’ time will expand the population catchment and improve accessibility to BSS/STV.

RHB Research Institute has initiated coverage on MCH with a “buy” and RM5 fair value.

It says that MCH is not vulnerable to the recent (property) tightening rules due to its its focus on mid-end housing. MCH is one affordable housing player that it believed may follow Tambun Indah and Hua Yang’s footsteps in being re-rated.

The successful sale of Kalista condos in Seremban 2 by IJM Land Bhd at end-2013 is a sign of the strong pent-up demand for mid-end housing within the locality.

RHB said that MCH’s gross margin of about 40% is above the sector’s between 20% and 25% average.

It estimated earnings growth of 14% to 15% for financial year 2014 (FY14) and FY15.

The company’s net cash of 64 sen per share and solid balance sheet will underpin its attractive dividend payout and at the same time provide scope for a bonus issue, it adds.

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

一股作气：金群利估值低周息率诱人

进行中的2项城镇发展及科技谷，是金群利集团（MATRIX，5236，主板产业股）的增长动力。

同时，其它发展总值达到83亿令吉，足以支撑发展计划至2022年，大大提升营收可见度。

与同业相比，金群利估值不仅低于平均水平，且周息率约为平均水平的两倍，两个比率都相当诱人。

森州产业发展商金群利集团拥有两大城镇发展地库，即位于芙蓉的达城（Taman Sri Sendayan）和柔佛的居銮镇（Taman Sri Impian）。

旗舰发展项目达城，是一个综合发展项目，涵盖商业区、住宅区以及达城科技谷（Sendayan TechV alley）的工业区。

达城科技谷获得外资的青睐，吸引全球各地的跨国集团投资，包括法国、日本、英国和德国等著名企业，发展潜能备受看好。

至于居銮镇的发展项目，也涵盖住宅区和商业区，而住宅区以可负担房屋为主，加上受惠于依斯干达特区的发展，料可吸引不少买家。

达城科技谷在内的达城发展计划和居銮镇项目，将是该集团的主要增长推动力，而长远方面则是已鉴定的发展计划。

肯纳格研究指出，目前，金群利集团剩余可供发展的地库面积达2732英亩，发展总值达到83亿令吉。

剩余的发展总值足以支撑该集团的产业发展至2022年，如此长久的期间甚至媲美多家发展商，并提高未来的营收能见度。

此外，在致力扩大旗下综合城镇发展计划规模和进军巴生谷之下，金群利集团在近期也积极收购地库，并以总值1亿5040万令吉在芙蓉和吉隆坡购买共4块土地。

地库主要集中在芙蓉的金群利集团，收购吉隆坡土地的举动可多元化其发展地区。肯纳格研究预测，吉隆坡的发展总值达2亿5000万令吉。

地价低赚幅高

根据招股书资料显示，金群利集团过去3年的营业额，从2010年的1亿9563万令吉，在隔年飙涨至6亿2425万令吉，并在2012年回跌至4亿5607万令吉。

尽管如此，净利表现却呈强稳的涨势，从2010年的2051万令吉，持续两年劲扬到7994万令吉和1亿349万令吉。

2010年到2013年的净利复合年增长率为124.6%，而净利赚幅则从10.5%（2010年）上扬至11.1%（2011年）和22.7%（2012年）。

值得一提的是，金群利集团的地库成本处于相当低的水平，肯纳格研究指出，其土地成本占发展总值的比率大约为5%到6%，相比领域平均水平约10%到20%。

达城和居銮镇发展土地成本廉宜（每平方尺为3令吉，相比目前要价介于5.60令吉至8令吉），可为集团带来更高的赚幅。

肯纳格研究预料，这些发展计划的毛利赚幅介于40%到45%，远远高于领域平均水平的20%到30%赚幅。

每季度派息 今年已派30.5仙

今年5月28日正式在马交所挂牌之前，金群利集团在5月23日宣布首季业绩表现，营业额和净利分别为1亿5559万令吉和4598万令吉，且派发13.5仙股息。

次季的营业额为1亿4732万令吉和净利3004万令吉，每股股息为7仙；第三季的营业额1亿2742万令吉和3620万令吉，中期股息5仙和特别股息5仙。

由此可见，金群利集团在每个季度皆派发股息，肯纳格研究称，这也是目前唯一一家发展商如此频密的派息。

尽管该集团制定派发至少40%的净利为股息，但是，肯纳格研究相信，该集团在本财年的派发率可达60%。

至今，该集团已派发30.5仙的股息，肯纳格预计第四季将派发5仙，促使全年的股息达35.5仙，以周五闭市价RM3.30，周息率达10.8%。

至于同行的中型发展商，周息率介于2.3%到6.1%，平均水平为4.3%，金群利集团的周息率更是傲视群众。

本益比偏低

依据肯纳格研究对该集团在本财年每股盈利预测为48.6仙，以目前的交易价位，该股的估值相等于6.8倍本益比。

中型发展商的平均估值水平为8.3倍本益比。这凸显了金群利集团的估值不仅比同行更吸引，且周息率更诱人。

截至9月30日，该集团的总贷款为5214万7000令吉，而现金流则高达2亿1115万3000令吉，净现金为1亿5900万6000令吉。

即使纳入上述收购土地计划的成本，相信该集团仍可维持净现金地位。

投资风险

1.利息上调。

2.政府采取更多打压产业领域的政策。

3.发展项目展延等因素。

免责声明

本文分析仅供参考，并非推荐购买或脱售。

投资前请咨询专业金融师。

Source: http://www.nanyang.com/node/584714

MATRIX Q3'13

低成本需求增‧金群利維持高賺益

2013-09-19 17:29
（吉隆坡19日訊）金群利（MATRIX，5236，主板產業組）料受惠於Sendayan科技谷工業活動日增所產生的外溢效果，並將帶動旗下產業計劃達 城（Bandar Seri Sendayan）的房產需求；此外，興業研究表示，低土地成本與產業需求走高將使該公司維持高總賺幅。

興業在近期探訪該公司在森美蘭州的旗艦計劃達城後表示，雖然該計劃並不受市場廣泛看好，因該區與吉隆坡的距離及附近地庫甚廣，但相信此看法很快就會改變。

興業稱，Sendayan科技谷工業活動日增及大馬皇家空軍部隊（TUDM）搬遷為該地區產生外溢效果，並將帶動達城壓抑已久的房產需求。

興業指出，該公司的總賺幅料在40%左右徘徊，高於領域平均賺幅，因達城與科技谷的土地成本低，分別為每平方呎3令吉與9令吉；同時，需求走高也是盈利成長與高賺幅的主要推手。

“2013上半年的新銷售已達4億8千370萬令吉，而2012財政年的銷售則為6億8千700萬令吉，促使未入賬銷售達5億2千190萬令吉。”

地庫方面，興業披露，該公司自5月上市以來即納入3幅土地於其地庫中，包括森州拉務的237畝土地與Raseh Kemayan的194畝土地，兩地皆離達城與科技谷不遠。

“此外，該公司也在吉隆坡一帶收購1.1畝土地，將發展總值從18億1千萬令吉提振至82億令吉。”

興業設金群利目標價為3令吉35仙，與其他小型產業發展業者估值一致。（星洲日報／財經）

Source: http://biz.sinchew.com.my/node/82380

股海宝藏：金群利抗跌力强产业商

金群利集团（MATRIX，5236，主板产业股）创立于1996年，它是芙蓉和居銮一家信誉卓越的产业发展商，主要发展可负担和有品质的房屋。

目前，金群利集团已经在约1860英亩地段兴建了超过两万间住宅和工业产业，发展总值达到22亿令吉。

金群利集团专攻可负担房屋，符合它发展综合城镇的商业模式。它的商业和工业产业，都兴建在其住宅发展计划当中。

目前它正进行两个城镇计划，即森州芙蓉的达城（Bandar Sri Sendayan）和柔佛居銮的金銮镇（Taman Sri Impian）。

根据肯纳格研究的报告，尽管国行中止发展商承担利息计划（DIBS）以及柔佛州对外国买家征收税会对产业公司带来负面影响。

但是，相信市场对这些冲击的反应太过激烈，因为发展商可用其他优惠来吸引买家，而银行的资金也仍然充裕。

此外，一次过的柔佛产业税也不可能影响外国买家，因为我国的产业仍然比外国，例如新加坡更低。总的来说，产业发展商的基本因素没有受到影响。我国年轻的人口将促使产业需求不断。

估计总值82亿令吉的庞大产业计划正在进行中，使它可以忙碌到2022年。

目前，该公司在857英亩的地库进行着的项目发展总值有14亿令吉，直到2014年为止（截至6月底，认购率超过70%，未入账销售额5.22亿令吉）。

此外，未来的项目发展总值有68亿令吉，占地1875英亩，包括近期收购两片土地：毗邻芙蓉达城的431英亩，及世界贸易中心附近的1.1英亩。

达城（Bandar Sri Sendayan）
科技谷获外资青睐

达城由住宅区、商业区以及名为“Sendayan科技谷”的工业区组成。其中，Sendayan科技谷预料在未来5年，可贡献总值7亿7700万令吉的销售额。上一财政年，Sendayan科技谷的工业地段销售活动为该集团贡献约8000万令吉或17%的营业额。

料再吸资10亿

同时，该科技谷所吸引的外来直接投资（FDI）已累积逾20亿令吉。目前正与来自美国、日本和欧洲的外资洽谈，一旦成事，预料可以再吸引额外约10亿令吉的外来直接投资。

由于地理位置优势和道路连接日渐完善，居住在70公里外的芙蓉并在吉隆坡上班，已是许多人生活一部分。

巴生谷的房地产价格几乎以翻倍的速度增长，加上求过于供，导致许多人都放眼购买外围临近地区的房产，尤其是芙蓉区域。许多年轻人在毕业后的数年内，就开始物色房子，然而，以目前每年7万至8万单位新房的建造率，难以满足市场所需。

作为中长期计划的一部分，公司将在达城发展成熟以后，在当地兴建一座占地170英亩名为Icon Park的购物广场。

Icon Park将是一项五合一的发展项目，将包含零售、展览、休闲、办公室和住宅。

金銮镇（Taman Sri Impian）

从依区计划受惠

金銮镇是金群利集团与柔佛州土地发展合作社公司进行的联营计划。这计划包括兴建住宅和商业产业。

金銮镇占地面积636英亩，自2006年以来，金群利集团已经完成了2498单位住宅和69单位商业产业。预料金群利集团还拥有400英亩的地段，将会分阶段完成发展计划。

预料金銮镇将会从柔佛州依斯干达经济区的计划中受惠，因为这里的计划将会吸引更多的人涌进柔佛，而提供可负担房屋的金群利集团将会吸引更多购屋者的青睐。

依斯干达经济区是着重在高档的发展计划，所以不会与金群利集团的发展计划互相竞争。

自从国行中止发展商承担利息计划以及柔佛州对外国买家征收税的消息出来之后，产业股便出现了跌潮。

因此，相信产业股已经消化了这些不利因素，而这意味着目前是投资者趁低买进小型和中型优质产业股，例如金群利集团等公司，的时候。

可负担房屋领导者

金群利集团已经在芙蓉和居銮建立口碑，因为它主要是兴建售价低于60万令吉的可负担房子。在它的发展总值当中，有50%是属于可负担房屋。所以金群利集团是属于抗跌力强的产业发展商。

可派更丰厚股息

具备强劲增长、估值不昂贵、净现金以及高股息的特点。金群利集团最吸引人的特点是估值。

由于它的销售业绩强劲，再加上它不断推出发展计划，因此，预料它于2012年至2015年之间的净利增加平均达到15至20%之间，这也意味它目前是在2015财年4倍的廉宜本益比中交易。

它稳固财务使它可以收购更多的地库，以及在未来派发丰厚的股息。截至2013财年上半年，公司拥有1.86亿令吉净现金，相等于每股62仙，营运现金流有6500万令吉。

假设金群利集团维持盈利40%充作派息用途的趋势，那么，它于14至15财年的周息率可能会达到9至10%之间。所以，它终有一天会成为投资者注意的该周息率股项之一。

目标价

●2.84令吉（8月28日-丰隆投银）
●2.86令吉（8月27日-BIMB）
●2.85令吉（5月15日黄氏发展-IPO）
●3.02令吉（5月15日安联-IPO）
●3.10令吉（5月15日联昌证券-IPO）

免责声明

本文分析仅供参考，并非推荐购买或脱售。投资前请咨询专业金融师。



Source: www.nanyang.com/node/562778?tid=902

Matrix acquires lands for RM106.8m

Matrix Concepts Holdings Bhd, a leading property developer in Negeri Sembilan, will acquire two pieces of land totalling
174 hectares in Bandar Sri Sendayan, Negeri Sembilan for RM106.8 million.

The new landbank is slated for mixed developments, with estimated Gross Development Value (GDV) of RM1.6 billion, and will enlarge the Group’s remaining undeveloped landbank in Bandar Sri Sendayan to 546.33 hectares.

With the increased landbank in the township, pipeline projects yet to be launched now stand at a GDV of RM4.8 billion, which will sustain the Group till 2022, Matrix Concepts said.

"We believe that these two pieces of land are timely additions to our Bandar Sri Sendayan township development as our landed residential properties continue to attract buyers from both Negeri Sembilan and the Klang Valley, due to its strategic location within the Greater Klang Valley conurbation.

"We are now putting in development plans worth RM1.6 billion on the new lands, encompassing commercial and residential properties to be launched within two or three years," chairman Datuk Mohamad Haslah Mohamad Amin said in a statement issued today.

The sales and purchase agreements for the land acquisitions were executed separately between the Group’s wholly-owned subsidiary Matrix Concepts Sdn Bhd and two different vendors -- 78 hectares from TJ Integrated Sdn Bhd for RM59.3 million, and the other 96 hectares from Koperasi Sendayan Labu Seremban Bhd for RM47.5 million.

The acquisitions will be funded by internally generated funds and bank borrowings.

"With the new lands, we aim not only to continue rolling out more innovative and high value products for discerning property buyers, but also to deliver a good bottom line to our shareholders for the reason that the land cost of about RM107 million makes up only about seven per cent of the planned GDV.

"Going forward, we will continue to identify strategic landbank to strengthen our foothold in the property development sector," said Mohamad Haslah.-- Bernama 

 

Source: http://www.btimes.com.my/Current_News/BTIMES/articles/20130708151408/Article/

Matrix Concepts aims for 30pc growth in net profit

KUALA LUMPUR, May 28 — Main Market debutant, Matrix Concepts Holdings Bhd, expects more than 30 per cent growth in net profit for its financial year ending Dec 31, 2013, driven by ongoing projects and unbilled sales of RM445.1 million as at end-March.

“Last year we registered a net profit of RM103 million and are confident of doing better this year,” its group managing director/chief executive officer Datuk Lee Tian Hock told reporters after the company’s listing ceremony here today.

He said the group is currently developing Bandar Sri Sendayan, its flagship integrated township in Seremban, Negeri Sembilan with a RM5 billion Gross Development Value (GDV), and slated for completion in 2019.

“Although, ongoing projects will sustain us up to 2019, the group does not intend to relax and will continuously seek new land acquisitions,” he added.

For this year the group intends to launch close to RM680 million in new projects in Negeri Sembilan and Johor, with an outstanding landbank of 930 hectares(2300 acres).

On future prospects, Lee said the group is eyeing the Klang Valley for its expansion plan.

“The time is now right for us to venture into the Klang Valley as we position ourselves to enter the big league,” he added.

Meanwhile, in its debut, the shares of Matrix Concepts rose 24 per cent to RM2.70, a premium of 50 sen over its initial offer price of RM2.20, with 2.166 million shares changing hands.

“We believe in terms of performance and delivery, we will move into higher gear to achieve sustainable results,” company chairman Datuk Mohamad Haslah Mohamad Amin said.

At noon break, Matrix Concepts rose 38 sen to RM2.58 with 18.856 million shares changing hands.

At Matrix Concepts’ initial price, it had a market capitalisation of RM660 million. – Bernama

 

Source: http://www.themalaysianinsider.com/business/article/matrix-concepts-aims-for-30pc-growth-in-net-profit

MATRIX Q1'13

 

Target Price of MATRIX IPO

Below are the target price given by researchers.

RM 2.59 (Hong Leong)
RM 2.75 (Kenanga) 
RM 2.85 (HwangDBS)
RM 2.88 (Maybank)

Matrix IPO ballot results

 

Overall oversubscription rate = 11.32 times

For bumiputera portion, oversubscription rate = 7.20 times

For public portion, oversubscription rate =15.43 times

Chance to get is damn low, especially for public portion!.  One lot chance is higher than the others.