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MIDF Research said other catalysts include the Johor-Singapore Special Economic Zone (JS-SEZ), booming data centre and industrial property development, and an unchanged overnight policy rate at 3%.
“Our top picks for the sector are Mah Sing Group Bhd and Matrix Concepts Holding Bhd. We have a ‘buy’ call on Mah Sing with a target price of RM2.09.
“We are positive on Mah Sing as its new sales outlook will be backed by healthy demand for affordable residential projects and its aggressive land bank acquisition.
“Meanwhile, we maintain our ‘buy’ call on Matrix Concepts with a target price of RM2.60. We see MVV City to be the next growth catalyst of Matrix Concepts as MVV City has total acreage of 2,382 acres and a sizeable gross development value of RM12bil.”
At last look, Mah Sing was at RM1.47 per share while Matrix was trading at RM2.23 apiece.
MIDF Research noted that property companies are scheduled to release their fourth quarter earnings for the year 2024 by the end of this month.
Citing data released by Bank Negara, MIDF Research emphasised that total loan application for purchase of property increased by 6% year-on-year to RM47.4bil in December 2024 following a growth of 13.9% in November 2024.
Overall, buying interest in property was robust in both 2023 and 2024 after the reopening of the economy and with catalysts such as the JS-SEZ and The Johor Baru-Singapore Rapid Transit System supporting buying interest.
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