MATRIX: Property Developer Delivers Robust Revenue, Net Profit Meets Expectations
| Investment Bank | TA SECURITIES |
|---|---|
| TP (Target Price) | RM0.25 (+25.0%) |
| Last Traded | RM0.20 |
| Recommendation |
Matrix Concepts Holdings Berhad (MCH), a township developer based in Seremban, Negeri Sembilan, reported a net profit of RM50.0 million for the third quarter of fiscal year 2026 (3QFY26). This performance represents a 15.6% increase year-on-year, though a 25.9% decline quarter-on-quarter. The results aligned with both Public Investment Bank’s and consensus estimates, fulfilling approximately 73.4% and 71.1% of their respective full-year 2026 profit targets.
Strong Revenue Performance
The company’s 3QFY26 revenue saw a significant 31.8% year-on-year surge, reaching RM371.1 million. This robust growth was primarily driven by higher revenue recognition from the property development segment, which expanded by 34.5% year-on-year to RM355.8 million. Key contributors to this segment included Levia Residence, the group’s second high-rise project in Kuala Lumpur, which contributed RM44.4 million during the quarter, a notable increase from RM14.3 million in 3QFY25.
Additionally, the group recognized RM6.6 million from its recently completed overseas development in Australia, M333 St Kilda. Revenue from Horizon contributed RM25.4 million, marking its first full financial quarter following its acquisition in August 2025. The flagship Sendayan Developments continued to be a primary revenue driver, contributing RM259.5 million (up 6.9% YoY), while Bandar Seri Impian Development’s revenue remarkably increased by 164.0% year-on-year to RM20.0 million.
Future Outlook and Strategy
As of 3QFY26, Matrix Concepts Holdings’ unbilled sales remained stable at approximately RM1.5 billion, providing clear earnings visibility for the next 15 to 18 months. The company’s launch target for fiscal year 2026 is set at RM2.0 billion, which includes new phases within its flagship Sendayan Developments, initial revenue recognition from Malaysia Vision Valley (MVV) City, and Levia Residence in Puchong.
The company has successfully launched projects worth RM1.7 billion in 9MFY26, achieving an average take-up rate of 58% and generating RM824 million in sales. Furthermore, Matrix Concepts is evaluating strategic options for its Indonesian development, Menara Syariah in Pantai Indah Kapuk 2, Jakarta, considering either disposing of a block or retaining it for recurring income, with a view to re-allocate capital back to its core market in Malaysia.
Analyst’s View and Dividends
Public Investment Bank maintains a Neutral call on the company, reiterating its target price of RM1.40. This rating is based on the company’s consistency in delivering earnings and an attractive dividend yield of about 4.5%. The bank has made no changes to its earnings estimates. Separately, the company declared a 1.35 sen dividend for 3QFY26.
