HLIB Research projects a stronger 2H25 for Matrix Concepts.
PETALING JAYA: Matrix Concepts Holdings Bhd
’s next growth driver is expected to be the upcoming launch of Malaysian Vision Valley (MVV 2.0) – with residential, commercial and industrial components.
RHB Research said the group’s property sales for the first half of financial year 2025 (1H25), is already at RM663mil, which puts it on track to hit its full-year target of RM1.3bil.
Moreover, the research house said the Negri Sembilan-based property developer’s results for the second quarter of financial year 2025 (2Q25) are in line.
“The sequential growth in revenue for 2Q25 was primarily driven by billings from existing projects, as well as a new project, Levia Residences in Cheras.
“The sale of an industrial property worth RM45mil was also recognised during the quarter,” the research house said in a report yesterday.
RHB Research noted the group’s revenue for the property development segment could have been stronger, as some works in Bayu Sutera were delayed by a contractor at certain stages of construction.
“Contributions from the education and hospitality as well as healthcare segments spiked up by 13.9% quarter-on-quarter, supported by a steady increase in student enrolment numbers as well as higher demand at Mawar Medical Centre.
“Matrix Concepts now has a net gearing of 0.09 times (versus a net cash position in the previous quarter), as borrowings were drawn down to fund its acquisition of the first parcel of MVV land,” the research house said.
The group’s property sales for 2Q25 stood at RM341.6mil compared with RM321.4mil in 1Q25.
It was noted that response for its Levia Residences remained encouraging, with a take-up rate of 73.3% for Tower A units.
Matrix Concepts has also just made Tower B units available for sale.
“For financial year 2025 (FY25), the company plans to launch projects worth RM1.78bil. So far, it has already rolled out RM618.5mil in new properties in 1H.
“Launches of projects or project parts other than Tower B at Levia Residences include Eka Heights Precinct 9 and Laman Sendayan 2A,” RHB Research said.
Meanwhile, the maiden launch of MVV City will be in FY26, while the ground-breaking ceremony of this project will be held next month.
RHB Research maintained a “buy” call for Matrix Concepts with a target price of RM2.50.
Hong Leong Investment Bank (HLIB) Research projects a stronger 2H25 for Matrix Concepts, supported by a pickup in the construction progress of the Bayu series products within the Sendayan township.
Other factors include normalisation of administrative expenses; and stronger sales momentum following higher launches.
“Sales momentum is anticipated to strengthen, supported by a robust pipeline of new launches.
“With landed homes in the Klang Valley becoming increasingly scarce and expensive, homebuyers are shifting their focus to more affordable options in areas further from the city centre.
“Matrix Concept’s townships in Negri Sembilan, strategically located on the fringe of the Klang Valley, are well-positioned to capture this growing demand,” the research house said.
HLIB Research maintained a “buy” call for Matrix Concepts with a higher target price of RM2.45 from RM2.10 previously.
