全哥股票新手教室104：迷你投行报告篇2：MATRIX (5236) 金群利

如果说全哥分享的迷你年报就好比“快餐”，
那么，迷你投行分析报告就好比“快熟面” ，
资料齐全、快速、方便、又简单。
投行分析报告是值得投资者参考的资料，
对于分析能力不好的新手来说，
更应该多参考不同投行的资料分析，
很多时候基础就是这样磨炼回来的。

*维持买入评级，目标价为2.40，周息率为7%。
*3QFY19（3月）业绩低于预期。
*受利润率较低的房地产拖累（from Tiara Sendayan）。
*新推出的管理成本较高（Chambers KL）。
*Third interim DPS 3 sen (去年同个季度3.5sen ) , 预料FY19
DPS 依然可以达到13Sen 。
*9MFY19新增销售额达到11.8亿。

*New property sales reached MYR242.7m in 3QFY19, vs MYR517m in 2QFY19, as the previous quarter saw the contribution of MYR92.4m from the M Carnegie project in Melbourne.

*Full-year new sales should well exceed management’s target of MYR1.2bn,as the company plans to roll out MYR533m worth of new projects in 4QFY19, including Tiara Sendayan 3 and 4, Ara Sendayan Phase 5, and Impiana Bayu 3A.

*Improving take-up rates. Sales for its ongoing projects are encouraging.The take-up rates for Sendayan Metropark 2B and Ara Sendayan Phase 3 have increased to 88% (from 79% in 2Q) and 91% (from 66%), respectively.

*We trim our FY19-20 earnings forecasts by 4-5%, in view of the lowermargin product mix, as well as higher expenses incurred in 3QFY19. Unbilled sales remained resilient at MYR1.416bn, vs MYR1.434bn in 2Q.

*We maintain our MYR2.40 TP, based on a 25% discount to RNAV. The weaker-than-expected results are not a major concern, since unbilled sales and new sales remained healthy. As construction works progress further, Matrix’s margins from property development should gradually improve.

估值

*The lower EBIT margin was due to a lower-margin product mix, higher administrative costs for new projects, as well as underprovision of bonus expenses in prior quarters .

*The higher effective tax rate was due to losses incurred by certain subsidiaries and non-deductible expenses for tax purposes .

*Net profit below expectations .

全哥 KLSE 记录 21 FEB 2019

PRICE: RM1.97

EPS :25.98

NTA :1.7

DPS :12.97

P/E :7.58

ROE :15.28

DY :6.58

52W : 1.83 - 2.25

CAPITAL :1,483m

SHARES :752mil

目前的“成绩单”

YoY - Year over Year revenue growth

QoQ - 2 Quarter over Quarter Revenue growth

conQ - 3 Continuous Quarter revenue growth 

TopQ - Latest quarter revenue is 2 years high

喜欢的话请分享出去，“顺便”给个Like 或 Follow 因为这就是全哥的动力来源
 v(￣︶￣)y Just Do It~

By 全哥分享 （21-2-19）
进入股市就是要防止被“抢劫”， 独立思考， 因为，股价与股票的内在价值最终会取得平衡.
全哥股票&投资理财新手教室 （部落格Since 8 SEP 2017）
全哥股票&投资理财新手教室 （Facebook Since 2017）
https://t.me/richbrotherschool （Telegram Since 15 FEB 2019）

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