Matrix Concepts earnings outlook remains positive 

PETALING JAYA: MBSB Research expects Matrix Concepts Holdings Bhd’s earnings outlook to remain positive, underpinned by solid contributions from its property developments in Negri Sembilan and growing contributions from projects in the Klang Valley.

Following a recent visit to the group’s Klang Valley projects, the research house felt positive about the company’s prospects, in line with its strategic goal to derive 30% of its earnings from outside Negri Sembilan in the longer term.

The completion of Horizon L&L Sdn Bhd’s acquisition last August had broadened the group’s presence from the Klang Valley to Sepang and Banting.

Looking ahead, Matrix Concepts’ management planned to replicate the success of Horizon Suites with its upcoming project – Horizon KLIA with a gross development value (GDV) of RM366.4mil scheduled to be launched in second quarter of financial year 2027 (2Q27). In Banting, Selangor Horizon L&L has a total land bank of about 150 acres, with the remaining 60% slated for ongoing and future development.

MBSB Research said Matrix Concepts is embarking on a new high-rise project called Levia Residences in Cheras after completing Chambers Kuala Lumpur.

Levia Residences in Cheras has an estimated gross development value (GDV) of RM520.9mil, slated for completion in September 2027.

Going forward, Matrix Concepts planned to launch Levia Puchong (GDV: RM717.6mil) in 4Q26 or 1Q27 and Levia Damansara (GDV of RM611.8mil in FY27 to FY28).

The acquisition of Horizon L&L provided Matrix Concepts with expertise in building high-rise projects and expedited the rollout of their high-rise projects.

“We expect the contribution from high-rise projects to support earnings growth although they command lower margins than landed home projects,” it added.

MBSB Research, which made no changes to its earnings forecast on Matrix Concepts, has kept a “buy” call on the stock with an unchanged target price of RM1.65 per share.