By BERNAMA
HwangDBS Vickers Research expects Matrix Concepts Holdings Bhd’s net profit to increase to RM130 million and RM451 million for the 2013 and 2014 financial years, up 26 percent and 17 percent, respectively.
The research house said the higher net profit would be driven by the developer’s strong unbilled sales of RM440 million and expected property sales of RM550 million and RM900 million for the 2013 and 2014 financial years.
“Of the RM3.1 billion total estimated gross development value in Bandar Sri Sendayan and RM810.9 million in Taman Seri Impian, the group can rake in RM550 million sales in the 2013 financial year and RM900 million in the 2014 financial year.
“We estimate the group’s revenue for the 2013 and 2014 financial years to be at RM451 million and RM589 million, respectively,” the research house said in a note today.
HwangDBS Vickers said demand for properties in Seremban and Kluang, where the group’s key projects were located, would continue to rise and developers like Matrix stood to benefit more from growing population base as urbanisation accelerated in these areas.
The research house placed a fair value of RM2.85 for the stock.
– BERNAMA
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