[%BRaA%]
Research by PB
Neutral – TP of RM1.20

“New Management Spearheading New Direction”

Apex Equity Holdings’ (Apex Equity) has gone through a series of management and shareholding changes in recent years following the exit of its major shareholder, the late Chan Guan Seng, in 2017. Now, a new management team has been put in place and the group aims to improve on corporate governance as well as generate higher returns through non-core asset disposal and business diversification i.e. expansion of money lending operation. All in all, we are projecting a 3-year earnings CAGR of 9%, underpinned by healthier domestic economic growth and an increase in money lending activities. We maintain our Neutral rating with an unchanged TP of RM1.20, based on 0.7x PBR. 

Analyst(s):
Research Team 
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$KLSE-APEX
Research by PB
Neutral – TP of RM1.20

“New Management Spearheading New Direction”

Apex Equity Holdings’ (Apex Equity) has gone through a series of management and shareholding changes in recent years following the exit of its major shareholder, the late Chan Guan Seng, in 2017. Now, a new management team has been put in place and the group aims to improve on corporate governance as well as generate higher returns through non-core asset disposal and business diversification i.e. expansion of money lending operation. All in all, we are projecting a 3-year earnings CAGR of 9%, underpinned by healthier domestic economic growth and an increase in money lending activities. We maintain our Neutral rating 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)