Added a little at 3.72RM.
Matrix is a property developer based in Negeri Sembilan Malaysia, so this is an asset play.
It currently has two flagship projects in Seremban and Kluang, and also holds an ample balance of landbank in the pipeline to sustain its future operations until around 2020.
Strong balance sheet (net cash); good profit margins (PBT margin about 35%); ROA about 20% & ROE about 30%; and generous dividends (dividend policy minimum 40% payout).
At current prices, at a discount to RNAV estimated at close to 5RM(Based on RHB analysis) so margin of safety about 20%, PE ratio about 7x based on current year (I am expecting and hence assuming this level of earnings to be sustainable), dividend yield about 8% (may drop as this is based on payout of 60% this year, which they are not obliged to; but at 40% we should still expect a yield of 5%). In conclusion, this sounds like a reasonable buy.
But note that I bought a little earlier at close to IPO price (regret that I didn't buy more back then haha), so I am averaging up. My average price becomes around RM3 after current purchase so my actual margin of safety is bigger in this sense.
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