Matrix to see further upward momentum after touching year high
Property developer Matrix Concepts Holdings Bhd has been having a good run, having touched a 52-week high of RM2.02 on Sept 20. Year-to-date, the company has gained 21.2% to close at RM2 on Sept 23.
At the current level, the company is trading at a price earnings (PE) ratio of 10.4x, which is lower than most peers. Its price over net asset value (P/NAV) ratio of 1.2x is higher than most peers.
It had consistently paid dividends every year over the past 5 financial years. The payout ratio increased from 40.1% in FYMar20 to 51.2% in FYMar24. It means that the company is distributing more of its profits to shareholders. In the trailing twelve months, the company paid 7.5 sen in dividends, equivalent to a dividend payout ratio of 38.7% and offering a dividend yield of 3.7% at the current share price.
The company’s balance sheet is healthy with a net cash position.
Current ratio of 3.3x indicates that it has sufficient liquid assets to pay off short-term liabilities. The company had been consistently profitable in the past 5 financial years.
Net profit fluctuated between RM205.2 mil and RM262.2 mil , with the net profit in the latest financial year being RM244.3 mil. In the recent three quarters, the company’s net profit had improved. Matrix net profit fell 6% year-on-year to RM60.7 million in the first quarter ended June 30, 2024 (1QFY2025), on the back of decreased revenue.
Quarterly revenue fell nearly 16% to RM279.7 million from RM331.4 million a year ago, as revenue recognition from its flagship Sendayan Developments declined by 16.6% to RM250.3 million from RM300 million in the previous year.
Revenue from other property developments, namely The Chambers in Kuala Lumpur, Bandar Sri Impian in Kluang and its Australian operations, totalled RM11.8 million for 1QFY2025, a reduction of 44.3% from RM21.3 million in the previous year. The lower revenue contribution was primarily due to the completion of M Greenvale in Australia and The Chambers in the previous year.
Matrix may not be the usual suspects for investors looking to invest in property counters but it is deemed a pretty solid investment.
At the current level, the company is trading at a price earnings (PE) ratio of 10.4x, which is lower than most peers. Its price over net asset value (P/NAV) ratio of 1.2x is higher than most peers.
It had consistently paid dividends every year over the past 5 financial years. The payout ratio increased from 40.1% in FYMar20 to 51.2% in FYMar24. It means that the company is distributing more of its profits to shareholders. In the trailing twelve months, the company paid 7.5 sen in dividends, equivalent to a dividend payout ratio of 38.7% and offering a dividend yield of 3.7% at the current share price.
The company’s balance sheet is healthy with a net cash position.
Current ratio of 3.3x indicates that it has sufficient liquid assets to pay off short-term liabilities. The company had been consistently profitable in the past 5 financial years.
Net profit fluctuated between RM205.2 mil and RM262.2 mil , with the net profit in the latest financial year being RM244.3 mil. In the recent three quarters, the company’s net profit had improved. Matrix net profit fell 6% year-on-year to RM60.7 million in the first quarter ended June 30, 2024 (1QFY2025), on the back of decreased revenue.
Quarterly revenue fell nearly 16% to RM279.7 million from RM331.4 million a year ago, as revenue recognition from its flagship Sendayan Developments declined by 16.6% to RM250.3 million from RM300 million in the previous year.
Revenue from other property developments, namely The Chambers in Kuala Lumpur, Bandar Sri Impian in Kluang and its Australian operations, totalled RM11.8 million for 1QFY2025, a reduction of 44.3% from RM21.3 million in the previous year. The lower revenue contribution was primarily due to the completion of M Greenvale in Australia and The Chambers in the previous year.
Matrix may not be the usual suspects for investors looking to invest in property counters but it is deemed a pretty solid investment.
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