[%hpsr%] 
Research by PIB
Neutral – TP of MYR 1.20

“Higher Interest and Tax Cost” 

Apex Equity Holdings (Apex Equity) reported a 25.6% YoY decline in 1QFY24 net profit to RM1.45m. Despite a higher revenue on the back of stronger brokerage income and interest income from its moneylending business, net profitwas dragged by higher interest cost as well as higher tax cost. We keep our FY24-26F earnings forecasts unchanged for now as we expect brokerage income to be higher given the increase in trading value and volume. Stockbroking remains its largest contributor, accounting for 84% of total revenue. We maintain our Neutralrating on Apex Equity with an unchanged TP of RM1.20, based on 0.7x PBR.

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

$KLSE-APEX 
Research by PIB
Neutral – TP of MYR 1.20

“Higher Interest and Tax Cost” 

Apex Equity Holdings (Apex Equity) reported a 25.6% YoY decline in 1QFY24 net profit to RM1.45m. Despite a higher revenue on the back of stronger brokerage income and interest income from its moneylending business, net profitwas dragged by higher interest cost as well as higher tax cost. We keep our FY24-26F earnings forecasts unchanged for now as we expect brokerage income to be higher given the increase in trading value and volume. Stockbroking remains its largest contributor, accounting for 84% of total revenue. We maintain our Neutralrating 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)