[%OXXG%] 
Research by PB
Neutral - TP of RM1.20

"Higher Brokerage and Moneylending Profit"

Apex Equity Holdings’ (Apex Equity) FY23 net profit was 14.1% higher YoY due to stronger contribution from stockbroking and moneylending business. Cumulative results came in within our expectations, making up 104% of our full-year forecast. The increase in stockbroking profit was due to higher brokerage and margin while the moneylending segment delivered a full-year recognition of earnings contribution. We believe the money lending segment will continue to generate earnings to the group to supplement the volatile stock and securities broking income. We make no changes to our earnings forecasts. We maintain our Neutral rating on Apex Equity with an unchanged TP of RM1.20, based on 0.7x PBR.

Analyst(s):
Research Team
[%Hdkf%]

$KLSE-APEX 
Research by PB
Neutral - TP of RM1.20

"Higher Brokerage and Moneylending Profit"

Apex Equity Holdings’ (Apex Equity) FY23 net profit was 14.1% higher YoY due to stronger contribution from stockbroking and moneylending business. Cumulative results came in within our expectations, making up 104% of our full-year forecast. The increase in stockbroking profit was due to higher brokerage and margin while the moneylending segment delivered a full-year recognition of earnings contribution. We believe the money lending segment will continue to generate earnings to the group to supplement the volatile stock and securities broking income. We make no changes to our earnings forecasts. We maintain our Neutral rating on Apex Equity with an unchanged TP of RM1.20, based on 0.7x PBR.

Analyst(s):
Research Team
research@publicinvestbank.com.my

$APEX / 5088 (APEX EQUITY HOLDINGS BERHAD)