[%Lbrh%] 
Research by TA
Buy - TP of RM1.19

"FY23 Results Within Expectations"

We continue to envisage modest earnings growth for AEHB in FY24, primarily supported by an expected improvement in the securities market. We believe that ongoing efforts by Bursa to fortify the trading ecosystem, enhance market vitality, and attract greater foreign participation will contribute to an upswing in trading activities and market volumes. We note that the stock and securities segment still accounts for a sizeable 84% of total revenue, followed by moneylending at around 15%.

Analyst(s):
Li Hsia Wong 
[%wwlg%]

$KLSE-APEX 
Research by TA
Buy - TP of RM1.19

"FY23 Results Within Expectations"

We continue to envisage modest earnings growth for AEHB in FY24, primarily supported by an expected improvement in the securities market. We believe that ongoing efforts by Bursa to fortify the trading ecosystem, enhance market vitality, and attract greater foreign participation will contribute to an upswing in trading activities and market volumes. We note that the stock and securities segment still accounts for a sizeable 84% of total revenue, followed by moneylending at around 15%.

Analyst(s):
Li Hsia Wong 
liwong@ta.com.my

$APEX / 5088 (APEX EQUITY HOLDINGS BERHAD)