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Research by Public
Current Price RM1.14

“Ceasing Coverage"

Apex Equity Holdings (Apex Equity) has been delivering sequential improvement in revenue since the resumption of its moneylending business in 3QFY22. We believe the moneylending operations have complemented its bread-and-butter stockbroking business, leading to an overall increase in revenue. Coupled with the recovery in trading activities on Bursa Malaysia, we expect Apex Equity to deliver higher topline in the coming quarters. However, we note that finance cost has inched up on a YoY as well as QoQ basis in the recent 1Q24 results. We are ceasing our coverage on Apex however, due to i) limited corporate access, ii) completion of our commitments under Bursa RISE, as well as iii) redeployment of resources to broaden our coverage on other sectors. Our last call is Neutral with a TP of RM1.20, based on 0.7x PBR.

Analyst:
Research Team
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$KLSE-APEX
Research by Public
Current Price RM1.14

“Ceasing Coverage"

Apex Equity Holdings (Apex Equity) has been delivering sequential improvement in revenue since the resumption of its moneylending business in 3QFY22. We believe the moneylending operations have complemented its bread-and-butter stockbroking business, leading to an overall increase in revenue. Coupled with the recovery in trading activities on Bursa Malaysia, we expect Apex Equity to deliver higher topline in the coming quarters. However, we note that finance cost has inched up on a YoY as well as QoQ basis in the recent 1Q24 results. We are ceasing our coverage on Apex however, due to i) limited corporate access, ii) completion of our commitments under Bursa RISE, as well as iii) redeployment of resources to broaden our coverage on other sectors. Our last call is Neutral with a TP of RM1.20, based on 0.7x PBR.

Analyst:
Research Team
research@publicinvestbank.com.my

$APEX / 5088 (APEX EQUITY HOLDINGS BERHAD)