Matrix Concept: Matrix Concept’s 9MFY14 net profit came in line with our and consensus’ estimates. Its 9MFY14 net profit improved by 6% QoQ and 25% YoY respectively. The double digits YoY improvement was in tandem with higher sales recognition chiefly attributed by the Group’s sales of residential and commercial development properties which commands a better profit margin versus the sales of land in 9MFY13. A dividend of 3.75 sen was declared. We maintain our FY14 and FY15 earnings forecasts. Our TP of RM3.40 is based on FY15 earnings on 2.43x PBV and 10x PER. Maintain our Buy recommendation.
Posted on: Tue, 18 Nov 2014 00:48:58 +0000
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