Matrix FY15Q1 Financial Report
| MATRIX | FY15Q1 | FY14Q4 | FY14Q3 | FY14Q2 | FY14Q1 |
| Revenue | 317.6 | 151.0 | 148.8 | 163.7 | 134.7 |
| Gross Profit | 187.1 | 97.5 | 83.8 | 74.6 | 67.8 |
| Gross% | 58.9 | 64.6 | 56.3 | 45.6 | 50.3 |
| PBT | 155.4 | 73.8 | 58.5 | 58.6 | 54.0 |
| PBT% | 48.9 | 48.8 | 39.3 | 35.8 | 40.1 |
| PAT | 115.4 | 56.5 | 45.1 | 42.4 | 38.6 |
| Prop Rev | 315.5 | 150.5 | 148.8 | ||
| Prop OP | 158.4 | 77.6 | 61.2 | ||
| Edu Rev | 1.4 | 0.5 | 0.0 | ||
| Edu OP | -1.8 | -2.9 | -1.9 | ||
| Club Rev | 0.8 | 0.0 | 0.0 | ||
| Club OP | -0.6 | -0.4 | -0.4 | ||
| Total Equity | 758.3 | 686.0 | 643.5 | 613.5 | 582.0 |
| Total Assets | 1154.6 | 996.2 | 1000.9 | 944.5 | 964.5 |
| Trade Receivables | 192.6 | 79.5 | 174.9 | 160.0 | 144.3 |
| Prop dev cost | 583.5 | 566.2 | 556.3 | 524.4 | 523.5 |
| Inventories | 2.3 | 2.1 | 0.7 | 0.7 | 0.7 |
| Cash -OD | 84.3 | 58.7 | 23.3 | 29.4 | 96.0 |
| Total Liabilities | 396.4 | 310.2 | 357.4 | 331.1 | 382.5 |
| Trade Payables | 171.8 | 195.7 | 274.7 | 253.7 | 299.3 |
| ST Borrowings | 68.8 | 42.3 | 23.6 | 32.2 | 34.4 |
| LT Borrowings | 82.3 | 35.8 | 21.4 | 1.5 | 13.2 |
| Net Cash Flow | 25.8 | -10.1 | -45.5 | -39.4 | 27.2 |
| Operation | -18.4 | 130.0 | 65.3 | 68.8 | 85.6 |
| Investment | -22.9 | -93.2 | -63.9 | -55.7 | -29.4 |
| Financing | 67.2 | -46.9 | -46.9 | -52.5 | -29.0 |
| Dividend paid | 17.1 | 77.6 | 60.5 | 45.3 | 30.1 |
| EPS | 25.20 | 12.40 | 10.50 | 14.00 | 12.80 |
| NAS | 1.64 | 1.50 | 1.41 | 2.02 | 1.92 |
| D/E Ratio | 0.09 | 0.03 | 0.03 | 0.01 | Net cash |
From a glance at Matrix latest quarterly financial result, we know that there must be some significant gain from industrial land sales.
Its revenue and net profit jump 100% compared to preceding quarter.
Due to GST, industrial land sales were rushed to be completed before 1st of April. So revenue contribution from this segment increases almost 3-fold from usual RM35mil per quarter to RM95.6mil in FY15Q1.
Revenue from residential and commercial development also increases 2-fold from RM106.8mil in FY14Q4 to RM221mil in current quarter due to the same reason.
New property sales in FY15Q1 is RM156.8mil, which is not too bad and it is about 25% of total sales in FY2014.
Because of high revenue recognition in current quarter, unbilled sales drop to RM392mil from RM429mil a quarter ago.
Matrix has launched new properties worth RM135mil in FY15Q1. It plans to launch RM1.07bil worth of property in FY15. Target sales are RM600mil for residential/commercial properties and RM100mil for industrial land.
In its presentation slides, its KL project near PWTC with RM400mil GDV is expected to commence in Q3 of 2015 but it is not included in the RM1.07bil total target new launch. It is a bit of surprise to me as I don't expect this project to launch so soon.
Notable new launch in FY15Q1 include Sendayan Merchant Square phase 1 (GDV RM135mil) with 163 units of double-storey shop offices. It recorded 40% take up rate in 2 months.
These shops have a good 22' width and are just next to Matrix Global School and d'Tempat Club House. Its price starts from RM920k and I think it can generate good sales as Bandar Sri Sendayan is expected to grow into a big mature township.
Average take-up rate for its Sendayan & Taman Seri Impian projects are 74% & 81% respectively. Overall it is 75.9%.
FY2015 New Projects Targeted Launch
Revenue from education segment increases to RM1.4mil while its operating loss narrows to RM1.8mil. Matrix Global School has 430 students as at 31 Mac 2015. Target student count is 800 by the end of 2015.
Base on average, 800 students might give just about RM2.6mil revenue to Matrix.
Anyway, management targets its investment properties segment, which include the school, clubhouse & perhaps future mall, to contribute 10% of the group's revenue in the next 5 years. Matrix's total revenue in FY14 is about RM600mil.
Sendayan Merchant Square
For its balance sheet, gearing increases slightly as more bank borrowings are needed to acquire land. Operating cashflow is in negative territory due to substantial increase in trade receivables. However, it is expected to turn positive toward the end of the year.
As usual, first interim dividend of 4.25sen in FY15 is declared. It is 28% higher than last year. Dividend payout policy remains at at least 40%.
Going forward, though subsequent quarters' results will "normalized" to about RM150mil revenue a quarter or even lower, Matrix should be able to beat its FY14 financial performance in FY15.
Property slow down is still a real concern, but it is hard for me to even think of selling Matrix shares at the moment.
Hope the next few quarters can sustained :)
ReplyDeleteBy the way BD, how would u manage ur warrant? Convert or sell them off?
Thanks
PAT around RM50mil each quarter should be good enough :)
DeleteSo far I have never converted any warrant, I just sold them. I feel the conversion process troublesome, but it does not mean I will not do conversion in the future.