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Apex Securities starts coverage on Matrix Concepts, target price RM2.14
KUALA LUMPUR (April 5): Apex Securities Bhd has initiated coverage on Matrix Concepts Holdings Bhd with a “buy” rating at RM1.82 and target price of RM2.14, based on a discount rate of 20% to the research house’s revalued net asset value (RNAV).
In a note on Friday, Apex Securities said it was optimistic about Matrix’s earnings growth prospects as the group exhibits a clear growth strategy, as evident from ongoing land bank acquisition efforts to ensure sustainable development over the next two decades.
“Additionally, the expansion beyond Malaysia suggests strong management confidence and a diversified revenue stream, further bolstering our positive outlook,” it said.
Core net profit is expected to grow by 24.1% year-on-year (y-o-y) to RM257.1 million in the financial year 2024 (FY2024) and by 16.5% y-o-y to RM299.5 million in FY2025, driven by progressive revenue recognition from recently launched projects and a healthy backlog of unbilled sales, it noted.
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Source: EdgeProp.my
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