KUALA LUMPUR: RHB Research has maintained its Buy on Matrix Concepts with a target price of RM3.93 based on 10% discount to RNAV.
In a note on Monday, the research house said Matrix’s 3Q14 results came in within expectations.
New property sales stayed resilient at RM159mil vs 2Q’s RM166mil.
“While FY14 total new sales are likely to come in 10% lower from last year’s RM788mil, we believe next year’s sales will be stronger, given the pipeline launches worth RM1bil GDV and more industrial land plots being transacted,” it said.
RHB added that while FY14 new sales will likely come in at about 10% lower from last year’s RM788mil, it believes next year’s sales will be stronger. “This will be due to the timing to transact some higher-margin industrial land disposals as well as RM1bil worth of new launches planned for FY15,” it said.