AME Elite Consortium Berhad
Thu, 29-Feb-2024 08:14 am
by Research Team • Apex Research

Counter

AME (5293)

Target Price (RM)

1.95

Recommendation

Buy

• 9MFY24 core net profit at RM67.0m (+9.6% yoy) is in line with our expectations.

• Unbilled sales of RM159.2m and an outstanding construction & engineering order book of RM199.8m, securing a foundation for stable earnings visibility until 2025.

• Re-iterate our BUY recommendation on AME with an unchanged target price of RM1.95, by assigning target P/E multiple of 14.0x to FY25F EPS of 14.0 sen.

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Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.431349 4.466109
EUR 4.725230 4.729698
CNY 0.615997 0.616606
HKD 0.569934 0.573901
SGD 3.315285 3.338615