[%lkYR%] 
Research by APEX
Not Rated – TP RM 0.46

"Building the Future”

• Pesona Metro Holdings Bhd specialises in government infrastructure projects, commercial developments, residential buildings, and industrial facilities. The company also holds concessionaire assets and is expanding into the property development business.
• Moving forward, Pesona is expected to achieve strong financial growth, supported by (i) improved construction project margins from execution of outstanding order book of RM2.2bn, (ii) stable recurring income from concession segment and (iii) maiden venture into property segment through M&A activity).
• Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construction Index’s 1-year forward PER of 16.0x, premised to Pesona Metro’s smaller market cap. 

Analyst:
Jayden Tan
[%SWoY%]

$KLSE-PESONA 
Research by APEX
Not Rated – TP RM 0.46

"Building the Future”

• Pesona Metro Holdings Bhd specialises in government infrastructure projects, commercial developments, residential buildings, and industrial facilities. The company also holds concessionaire assets and is expanding into the property development business.
• Moving forward, Pesona is expected to achieve strong financial growth, supported by (i) improved construction project margins from execution of outstanding order book of RM2.2bn, (ii) stable recurring income from concession segment and (iii) maiden venture into property segment through M&A activity).
• Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construction Index’s 1-year forward PER of 16.0x, premised to Pesona Metro’s smaller market cap. 

Analyst:
Jayden Tan
kdtan@apexsecurities.com.my

$PESONA / 8311 (PESONA METRO HOLDINGS BERHAD)