RHB: MVV 2.0 set to drive earnings growth for Matrix Concepts in FY26
The firm noted that lower land costs will offer the company greater flexibility in pricing and help support stronger profit margins.
"Negri Sembilan makes up 88 per cent of Matrix Concept's total revenue in nine months of the financial year 2025 and almost 80 per cent of total landbank.
"Upon the maiden launch of the first residential product in FY26, MVV City is expected to be the next property sales growth driver over the longer term," it said.
RHB Research noted that prior to this, the company had already begun marketing its industrial land plots, securing between RM300 million and RM400 million in sales, which are expected to be recognised starting from the second half of financial year 2026.
The firm added that management is also expected to pursue a joint venture for the development of its managed industrial park, with both initiatives to be located within the 1,000-acre industrial zone in MVV City.
RHB Research further stated that the upcoming development in Negeri Sembilan is expected to benefit Matrix Concepts, as the creation of new job opportunities will likely drive demand for housing in the area.
"We note that Matrix Concepts already has a long track record in property development in the state, and it has acquired 2,382 acres of land in MVV 2.0 over the last three to four years (1,000 acres pending completion in the second half of financial year 2026).
"This is on top of its current remaining landbank of 1,366 acres for the Sendayan developments," it said.
RHB Research said Negeri Sembilan is poised for accelerated economic growth in the medium term, driven by recent progress in MVV 2.0 and Port Dickson.
It noted that aside from Matrix Concepts, which has already held a groundbreaking ceremony for its MVV City project, Gamuda Bhd has purchased 389 acres in Springhill Industrial Park, Port Dickson, to develop cloud and data centre facilities.
In addition, SD Guthrie Bhd and NS Corporation have officially partnered with a well-known developer to jointly develop 1,195 acres in Bukit Pelandok into an industrial park.
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