$APEX / 5088 (APEX EQUITY HOLDINGS BERHAD)
Research by TA
BUY – TP RM1.35

" Aspirational Goals"

We have shifted our valuation methodology for Apex from PBV to PER, reflecting the anticipated increase in the group's earnings potential. Tagging a 30% discount to the sector's average P/E ratio of 22x, we raise Apex's TP to RM1.35 from RM1.19. With that, we have upgraded the stock from sell to BUY, given the broader risk-reward potential

Analyst:
Li Hsia Wong
liwong@ta.com.my