KUALA LUMPUR: Matrix Concepts Holdings Bhd's proposed RM2.1 billion mixed development in Kulai, Johor, could generate an average annual net profit of RM47.3 million from financial year 2029 (FY29), Hong Leong Investment Bank Bhd (HLIB) said.
Analyst Tan Kai Shuen said the potential contribution would account for 15.4 per cent of HLIB's FY29 earnings forecast, assuming an eight-year development period and an 18 per cent net profit margin.
However, actual contributions would depend on launch timing, sales performance and construction progress, with earnings likely to be lower in the initial years.
HLIB maintained its "Buy" call on Matrix Concepts with an unchanged target price of RM1.83, citing the acquisition's potential to diversify the company's earnings base beyond Negri Sembilan.
