PETALING JAYA: MBSB Research is positive on Matrix Concepts Holdings Bhd
as work in and around the larger MVV City project in Negri Sembilan will remain a near-term catalyst for the property developer.
The recent signing of a memorandum of understanding (MoU) with logistics company Golog Holdings Sdn Bhd will further support the development of MVV TechValley industrial park.
MBSB Research said sales prospects remain solid due to healthy demand for landed homes projects in Negri Sembilan, adding that the dividend yield is attractive at 5.3%.
The research house retained its “buy” call on the stock while making no changes to its earnings forecasts for Matrix Concepts for next year to 2028 after the signing of the MoU
It also maintained its target price for the stock at RM1.65, based on 22% discount to revalued net asset value.
Matrix Concepts said it entered a MoU with Golog to jointly develop the China-Malaysia Air Silk Road Dual Hub Industrial Park in MVV TechValley in Negri Sembilan.
The industrial park will be developed on 618 acres of Matrix Concepts’ MVV land.
The project, with a gross development value (GDV) of RM8bil, will be developed in three phases.
The partnership should be formalised within six months as the MOU will expire after a period of six months.
Matrix Concepts owns 2,382 acres of land in MVV 2.0 and has earmarked 1,000 acres of land for MVV TechValley, which is the industrial development component of MVV or Malaysia Vision Valley.
Golog has expertise in automation and intelligent cold chain logistics that can support the development of MVV TechValley.
The MVV City has a total GDV of RM15bil and a development period of 12 years.
Matrix Concepts expects first revenue recognition from MVV City in FY26, mainly contributed by land sales.
MBSB said the development of MVV City coupled with ongoing Sendayan development in Seremban bodes well for the earnings prospect of Matrix Concepts from next year onwards.
