金群利首季净利跌16%
（吉隆坡21日讯）部分产业未达营业额入账的阶段，且上一季的工业产业销售较高，拖累金群利集团（MATRIX，5236，主板产业股）截至3月31日首季净利按年跌16.17%，至3855万令吉或每股12.80仙，低于去年同期的4598万4000令吉或63.70仙。
营业额则从去年同期的1亿5559万1000令吉，按年减少13.43%，至1亿3470万令吉。
另外，集团也宣布派发每股5仙的首次中期单层股息，除权日在6月24日。
金群利集团发文告表示，虽然首季产业市场面对挑战，但其新推出的项目取得不俗的认购率。
集团首季在森州芙蓉的达城（Bandar Sri Sendayan）推出两项发展计划，合计发展总值为2亿5160万令吉，包括Balista排屋及Sendayan Metropark2的店铺办公室。
金群利集团主席拿督莫哈末哈斯拉表示：“截至首季，Balista排屋共取得近30%认购率，而Sendayan Metropark2的认购率则达94%。这反映出买家对拥有价值的产业需求仍不变，所以，我们希望这趋势会延续下去。”
此外，该公司也相信可负担房屋的销量，将会在今年加速成长，继而反映在未来季度的表现上。
截至首季，集团旗下拥有总值9亿7480万令吉的发展项目仍在进行中，分别落在森美兰州及柔佛；而未入账销售则达4亿4080万令吉，将会逐步入账至2016年。
Matrix Concepts (BUY çè)hong leong investment
Analyst briefing highlights
§ We attended MCH’s quarterly investor’s briefing and came feeling reassured about its outlook: (1) Lower earnings contribution expected from the high-margin Sendayan Tech Valley land plots due to dwindling supply: (2) MCH could face challenges in terms of maintaining sales volume, but compensates for this with higher selling prices; and (3) The group is making good progress with the land acquisitions for STV 3, which will provide a future re-rating catalyst.
§ We re-iterate our BUY call on MCH, with TP marginally adjusted to RM4.51 (unchanged 35% discount to RNAV).
reports from kenanga
Matrix Concepts (MATRIX)’s 1Q14 core earnings
of RM38.6m came in within consensus and our
expectations, at 23% of both the FY14 estimates.
1Q14 registered property sales of RM125m making
up 16% of our sales projection of RM800m for the
year as the group only launched RM251.6m worth
of residential and commercial properties in 1Q14.
While it appears proportionately lower than our
estimates, we are not surprised as we are
expecting a stronger 2H14 given timing of new
launches.
Dividends First interim single tier dividend of 5 sen was
declared, which is within our expectations, and for
the full-year, we are expecting a total net dividend
of 25 sen which still translates to a yield of 6.2%.
Key Results
Highlights
QoQ, MATRIX’s 1Q14 core earnings was down
marginally by 5% to RM38.6m following a decrease
in revenue (-7%) mainly due to its on-going
projects which have yet to reach a significant billing
stage (e.g. Hijayu 1A - Phase 1). However, we do
note that there is a huge reduction in its selling &
marketing and administration cost by 39% to
RM14.1m translating to a marginal increase of 1ppt
in its pre-tax margin of 40%.
YoY, its 1Q14 was down by 13% to RM134.7m
mainly due to higher industrial property sales
recorded in 1Q13. However, despite a lower
revenue (-13%) and corresponding decrease in
earnings (-16%) MATRIX managed to record
improvements in its EBITDA margin by 3ppt to
51% as it is now able to command better pricing for
its properties.
Outlook MATRIX is still on track to launch RM660m total
worth of affordable residential properties for the
year excluding the balance GDV of RM377m from
STV industrial park, which are segments seeing
resilient demand.
As for landbanking activities, it is on the lookout for
more land in Seremban and we do expect some
land deals to take place this year given their light
balance sheet.
Change to
Forecasts
Maintain earnings estimates for now, pending their
upcoming briefing on 22 May 2014. Unbilled sales
of RM440.8m providing at least one-year visibility.
Rating Maintain OUTPERFORM
Valuation No changes to our TP of RM4.80 (ex-bonus
RM3.20) based on 20% discount to its fully diluted
RNAV of RM6.00 (ex-bonus RM4.00). We continue
to like the stock for its strong FY14E dividend yield
of 6.2% and high exposure to the mass-market
segment.
of RM38.6m came in within consensus and our
expectations, at 23% of both the FY14 estimates.
1Q14 registered property sales of RM125m making
up 16% of our sales projection of RM800m for the
year as the group only launched RM251.6m worth
of residential and commercial properties in 1Q14.
While it appears proportionately lower than our
estimates, we are not surprised as we are
expecting a stronger 2H14 given timing of new
launches.
Dividends First interim single tier dividend of 5 sen was
declared, which is within our expectations, and for
the full-year, we are expecting a total net dividend
of 25 sen which still translates to a yield of 6.2%.
Key Results
Highlights
QoQ, MATRIX’s 1Q14 core earnings was down
marginally by 5% to RM38.6m following a decrease
in revenue (-7%) mainly due to its on-going
projects which have yet to reach a significant billing
stage (e.g. Hijayu 1A - Phase 1). However, we do
note that there is a huge reduction in its selling &
marketing and administration cost by 39% to
RM14.1m translating to a marginal increase of 1ppt
in its pre-tax margin of 40%.
YoY, its 1Q14 was down by 13% to RM134.7m
mainly due to higher industrial property sales
recorded in 1Q13. However, despite a lower
revenue (-13%) and corresponding decrease in
earnings (-16%) MATRIX managed to record
improvements in its EBITDA margin by 3ppt to
51% as it is now able to command better pricing for
its properties.
Outlook MATRIX is still on track to launch RM660m total
worth of affordable residential properties for the
year excluding the balance GDV of RM377m from
STV industrial park, which are segments seeing
resilient demand.
As for landbanking activities, it is on the lookout for
more land in Seremban and we do expect some
land deals to take place this year given their light
balance sheet.
Change to
Forecasts
Maintain earnings estimates for now, pending their
upcoming briefing on 22 May 2014. Unbilled sales
of RM440.8m providing at least one-year visibility.
Rating Maintain OUTPERFORM
Valuation No changes to our TP of RM4.80 (ex-bonus
RM3.20) based on 20% discount to its fully diluted
RNAV of RM6.00 (ex-bonus RM4.00). We continue
to like the stock for its strong FY14E dividend yield
of 6.2% and high exposure to the mass-market
segment.
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