KUALA LUMPUR, May 23 — Matrix Concepts Holdings Bhd’s share price rose this afternoon after the company bucked the trend to record higher year-on-year sales despite the weaker property market.
At 12.17 pm, Matrix Concepts was three sen better at RM2.53 with 19,700 shares traded.
AllianceDBS, in a research note, said Matrix Concepts’ property sales for the 15 month period ended March 31, 2016 rose to RM974 million from RM630 million recorded in financial year 2014.
The company’s financial year was changed to end on March 31, 2016 from Dec 31, 2015.
It said Matrix Concepts’ flagship project, Bandar Sri Sendayan (BSS) in Seremban, Negeri Sembilan, would continue to be the main earnings driver for the company, contributing more than 80 per cent of its revenue.
“Given the weak prevailing market where several large property developers have revised downwards their target sales, Matrix Concepts has bucked the trend with higher year-on-year sales, largely due to the strong demand for its affordably-priced landed properties.
“We believe that sustainable demand for BSS properties will help to lift interest in Matrix which has proven to be a resilient township developer,” it said.
The research house maintained a “Buy” call on Matrix Concepts at a target price of RM3.20.