[%AZsT%] 
Research by TA
Sell – TP of MYR 1.19

“1QFY24 Net Profit Dragged by Higher Tax” 

AEHB reported 1QFY24 net profit of RM1.45mn, down 25.8% YoY from RM1.95mn in 1QFY23. While the 1QFY24 revenue and PBT came within expectations, the net profit fell below due to a higher effective tax rate for the current quarter from expenses not deductible for tax purposes and deferred tax assets not recognised for losses incurred. As such, AEHB’s 1QFY24 net profit accounted for only 17% of our full-year forecast.

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

$KLSE-APEX 
Research by TA
Sell – TP of MYR 1.19

“1QFY24 Net Profit Dragged by Higher Tax” 

AEHB reported 1QFY24 net profit of RM1.45mn, down 25.8% YoY from RM1.95mn in 1QFY23. While the 1QFY24 revenue and PBT came within expectations, the net profit fell below due to a higher effective tax rate for the current quarter from expenses not deductible for tax purposes and deferred tax assets not recognised for losses incurred. As such, AEHB’s 1QFY24 net profit accounted for only 17% of our full-year forecast.

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

$APEX / 5088 (APEX EQUITY HOLDINGS BERHAD)