Stock With Momentum: Matrix Concepts Holdings

This article first appeared in The Edge Financial Daily, on July 28, 2017.
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Matrix Concepts Holdings Bhd (+ve)
SHARES in Matrix Concepts Holdings Bhd (fundamental: 1.9/3, valuation: 2.4/3), which triggered our momentum algorithm yesterday, closed one sen or 0.37% lower at RM2.70.

The counter saw 2.76 million shares traded compared with its 200-day average volume of 515,793 shares.

Earlier this month, the group said it plans to make its debut in the Klang Valley with the launch of a serviced apartment project that carries an estimated gross development value of RM300 million in Kuala Lumpur.

The project will be on a one-acre (0.4ha) plot near Putra World Trade Centre and is planned for launch in September this year.

Under the project, Matrix Concepts plans to launch 507 units of serviced apartments with built-up sizes ranging between 450 sq ft and 1,000 sq ft.

At the current share price, Matrix Concepts is currently trading at 1.54 times its book value.