KUALA LUMPUR, Dec 14 — AllianceDBS Research has maintained its ‘buy’ rating on Negeri Sembilan-based property developer Matrix Concepts Holdings Bhd, following the company’s high record sales in its two flagship projects.
“Matrix has bucked the trend in sustainable townships with record high property sales in its two projects, Bandar Sri Sendayan in Seremban and Taman Sri Impian in Kluang, despite the relatively weak market sentiment.
“The majority of its launches are priced affordably below the RM600,000 per unit mark, leveraging on the robust demand for affordable homes,” the research house said.
It said Matrix Concepts’ sales momentum going forward is likely to remain on the uptrend as it still has a large pipeline of affordable homes which are ready to be introduced to the market.
“We maintain our buy rating and RM3.30 target price, based on a 30% discount to our revalued net asset value of RM4.73,” it said.
At 11 am, Matrix Concepts’ shares fell two sen to RM2.46 with 2,500 shares transacted.