This article first appeared in The Edge Malaysia Weekly on October 5, 2026 - October 11, 2026

It is the third consecutive year that Matrix Concepts Holdings Bhd (KL:MATRIX) is taking home The Edge Billion Ringgit Club (BRC) award for Highest return on equity (ROE) over three years among property companies below RM3 billion market capitalisation, underscoring its consistency and strategic execution.

The Negeri Sembilan-based developer, which was listed on Bursa Malaysia in 2013, has been on the winners’ list every year since 2017, except for 2023. This is its ninth win in the ROE category alone.

During the BRC awards evaluation period, its three-year risk-weighted ROE of 10.6% outperformed that of its peers in the same award category, with ROEs of 10.6% in the financial year ended March 31, 2023 (FY2023), 11.8% in FY2024 and 9.8% in FY2025.

Notably, Matrix is undergoing a leadership transition. Kelvin Lee Chin Chuan, son of founder and group executive deputy chairman Datuk Seri Lee Tian Hock, was promoted to group managing director in June this year. Kelvin, 34, joined the board in September 2023 as a non-executive director before being redesignated as an executive director in April 2025. He holds a bachelor of commerce and master of civil engineering from the University of Melbourne.

At Matrix’s 30th anniversary celebration in February this year, Tian Hock had expressed confidence in the group’s future leadership under Kelvin and his other son Harry Lee Chin Yeow, 38, who serves as Kelvin’s alternate director.

As for its numbers, Matrix closed FY2026 on a high note, with revenue rising 19.4% year on year (y-o-y) to RM1.37 billion, driven by property-development contributions and the acquisition of Horizon Group. This was on the back of all-time-high annual sales of RM1.51 billion — up 9.2% from RM1.38 billion the year before — powered by strong industrial land sales at its Malaysia Vision Valley City (MVV City) development and the continued demand across its core townships. Matrix launched 1,733 units with a combined gross development value (GDV) of RM1.99 billion, up from RM1.45 billion in FY2025, and achieved an average take-up rate of 76.9%, with unbilled sales of RM1.51 billion providing revenue visibility ahead.

The centrepiece of Matrix’s growth strategy is MVV City, an industrial-led township in the wider MVV corridor.

The 2,382-acre project, in which Matrix holds an 85% stake, carries an estimated GDV of RM15 billion and is expected to be developed over 12 years. It comprises roughly 1,000 acres of industrial land, 15,000 residential units and a 174-acre commercial precinct. Early traction has exceeded expectations, with sales from its initial industrial offering reaching RM362.6 million by end-FY2026.

Matrix has also brought in outside partners to accelerate the industrial push. For instance, it has signed a memorandum of understanding with Golog Holdings Sdn Bhd to build an RM8 billion logistics and industrial park in MVV TechValley, in three phases covering advanced manufacturing and green technology.

Matrix plans to launch about RM2 billion of new projects in FY2027, including Levia Puchong with an estimated GDV of RM610 million, following the 81.4% take-up rate at the Levia Cheras project.

As at March 31, 2026, the group’s remaining land bank stood at 4,000.8 acres — spanning the Klang Valley, MVV, Sendayan and Bandar Seri Impian — with an estimated GDV of RM21.8 billion.

FY2026 has not been all positive, however, as its 4Q results came in weaker than expected, with its property-development earnings hit by regulatory bottlenecks alongside softer demand, slower construction progress and rising building costs.

This prompted RHB Research to trim its FY2027 and FY2028 earnings forecasts by 6% and 8% respectively, citing margin pressure from construction costs linked to Middle East geopolitical tensions, and widened its valuation discount to 35% from 25% to reflect the more cautious outlook.

Other analysts remain more upbeat, though. BIMB Securities, for one, upgraded the stock to a “buy” with a raised target price, pointing to strong medium-term visibility from its remaining land bank and township runway.

Diversification beyond housing is also a stated priority for the group, which has been actively expanding its non-property segments — education, healthcare and hospitality — to broaden its income base and support long-term sustainability, building on partnerships such as its tie-up with Ray Education Group.

Overall, Matrix’s annual net earnings have been stable at above RM200 million in recent years: RM244.3 million in FY2024, RM214 million in FY2025 and RM217.8 million in FY2026.

Its shares closed at RM1.27 at the BRC membership cut-off date of March 31, 2026. The stock touched a high of RM1.426 on May 5 this year before closing at RM1.21 on Aug 28, valuing it at RM2.27 billion.

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