In Depth stories

The acquisition of Green Leaf Niseko Village Hotel is expected to be completed by end of first half of FY19. 

For FY18, Kerjaya Prospek has secured about RM500 million worth of contracts (from Bukit Bintang City Centre and Seri Tanjung Pinang Phase 2), accounting for 42% of our RM1.2 billion targeted replenishment.

The group had successfully achieved RM1.1 billion new sales as of August 2018, which accounted for 64% of its sales target of RM1.8 billion set for this year.

Its property arm was the star performer as PBT jumped 87% y-o-y and 94% q-o-q to RM45 million for 1QFY19 (it was the highest contributor at 44% of group PBT).

A view on the Malaysian housing market.

Management said the group secured new sales of RM10 million from Tiong Nam Business Park @ Batu Pahat 8 project year to date (YTD).

Matrix clocked in total sales of RM381.6 million (+29.3% from 1QFY18) in 1QFY19 (despite 14th general election factors) attributable to the growing demand of its township and affordable pricing point.

Our target price is based on 45% discount to revalued net asset value.

The company is encouraged by strong take-up of township launches and improving market sentiments after the 14th general election (GE14).