5236 MATRIX

本来有睡意的一个晚上，突然心血来潮想做功课，金群利 （5236，MATRIX）自然而然变成我想做功课的目标，然后马上打开电脑开始动工，一动做动了几个小时，做完对Matrix的分析后，这间公司的业绩跟（7235，SUPERLN）有点相似。在今年的3月3号对SUPERLN做完分析后一直想在低价位买进公司的股票，不过没有想到那时就是低价位。当时的RM0.79跳到今天的RM1.46。。。两月后足足跳了84.8%。。不知道MATRIX会不会也如此（自己已经没子弹进场了）。。。。MATRIX两月后会不会也跳了84.8%飞到RM 6.15的价位呢？哈哈哈哈，我开始发梦了= =

由于MATRIX只有两年的数据，所以功课也自然少了。

• The Group operates predominantly in Malaysia.

• Company's primary business activities are sales of development properties. Sales of completed properties and Education services are the subordinate business. 

• The Board has adopted a dividend policy of paying out about 40% of the Group’s consolidated profit after tax.

• Q1''2015's net profit is 63% of whole year's net profit in 2014. Here got an important point, it is just a quarter's result!!!!

• Profit margin is excellent; RM1 of sales can earn net profit around RM0.30.

• Matrix is giving total 4 times of dividend within a year. 2013 special dividend, 2014 bonus issue, 2015 special dividend, lastly 2016 is......?

• The total borrowing per share is increasing 200% within few months.

• My valuation on stock is giving this stock of RM5.96 (Act like got bit overstate on it, haha). This is 44% of MOS at price of RM3.33.

• Q1''2015 report showed the decreasing of trade payable and increasing of trade receivable by RM 57 million and RM85 million respectively is the main reason of negative cash flow from operation.

• Proceed from term loan in financing amounted to RM 77 million. This makes the positive result from financing cash flow.

• Positive sign of financing cash flow maybe result that company is using debt to pay shareholders dividend.

• Matrix has a high percentage of ROE which maintained at 27%+ previous two years.

• PE and DY match my criteria. Construction sector's average PE is 29 in April 2015. From the view of PE and DY, Matrix is valuable to invest.

• There is just two years of historical data of Matrix, so the result of financial ratio showed maybe not strong.    

• Matrix target to launch new projects amounting to a gross development value (“GDV”) of RM1 billion in Negeri Sembilan and Johor in FY2015, which will lay the Group’s foundation to deliver stronger growth in the near future. 

• In February 2015, the Group completed the acquisition of an additional 164 acres of industrial land near Sendayan TechValley. The new tract of land, to be named Sendayan TechPark, would boost our balance net saleable land bank to 310 acres from about 187 acres currently.

• Annual report 2014 is described briefly about flow of all projects. Further information can refer to Matrix Q1''2015 Slides.   

看了以上分析后，再看下图。（个人比较喜欢用半桶水的英文来分析数据 ^_^ ，如有错误请多多原谅）

以上的图我是从KLSE Screener里统计出来的数据。然后以上是根据和MATRIX同行业，也就是做产业生意。另外再用Market Capital（市值）来做顺序排序。从上面的数据我们可以看到在众多市值高过MATRIX来比较，MATRIX的EPS，PE，DY和ROE都胜过其他公司。这数据也让我觉得MATRIX是间目前会闪闪发亮的产业公司。SPSETIA这位产业龙头的市值是MATRIX的5倍。。。怕怕。。。。

本文只供参考。共勉之。