Matrix Concepts (BUY)
Good set of results; raising our TP
§ We attended MCH’s quarterly investor’s briefing and came away with these key takeaways: (1) Earnings continuity via clear landbanking strategy thru FY14-15; (2) Rising land prices in the vicinity to provide another round of rerating catalyst; and (3) Despite already meeting our 4Q dividend forecast for FY13, we believe MCH should be declaring a final dividend in 4Q.
§ We re-iterate ourBUY call on MCH, with TP unchanged at RM4.51 (35% discount to RNAV). MCH remains our top pick for the sector.