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Research by RHB
Not Rated – Fair Value RM0.88

“Progressing Up The Value Spectrum"

MYR0.88FVpeggedto25xFY25FP/E,at20%discounttopeeraverage.The current below-peer valuation of 18x FY25F P/E (ex-cash P/E 15.7x) vis-à-vis a 2-year CAGR of 31% is undemanding for a growing semiconductor production equipment (SPE) player that has exposure to the front-end equipment. Demand-led recovery, diverse clientele, strong regional presence and healthy orderbook should drive QES Group’s earnings recovery and growth in FY24F- 25F, capturing opportunities in the new semiconductor upcycle.

Analyst:
Lee Meng Horng 
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$KLSE-QES
Research by RHB
Not Rated – Fair Value RM0.88

“Progressing Up The Value Spectrum"

MYR0.88FVpeggedto25xFY25FP/E,at20%discounttopeeraverage.The current below-peer valuation of 18x FY25F P/E (ex-cash P/E 15.7x) vis-à-vis a 2-year CAGR of 31% is undemanding for a growing semiconductor production equipment (SPE) player that has exposure to the front-end equipment. Demand-led recovery, diverse clientele, strong regional presence and healthy orderbook should drive QES Group’s earnings recovery and growth in FY24F- 25F, capturing opportunities in the new semiconductor upcycle.

Analyst:
Lee Meng Horng 
lee.meng.horng@rhbgroup.com