TP RM1.37 by TA
Our View
We are mildly positive on the proposed exercises. The proposed bonus issue serves to reward the existing shareholders for their continued support to Supermax. In addition, the proposed bonus issue would likely increase the share liquidity further.
Meanwhile, the free warrants would allow shareholders to further increase their equity participation in Supermax and benefit from any potential capital appreciation arising from the exercise of the warrants.
Impact
No change to our FY25-27 forecast, pending completion of the exercises.
Valuation
Maintain Buy on the stock with a TP of RM1.37 based on 0.8x FY26 P/B.
We are mildly positive on the proposed exercises. The proposed bonus issue serves to reward the existing shareholders for their continued support to Supermax. In addition, the proposed bonus issue would likely increase the share liquidity further.
Meanwhile, the free warrants would allow shareholders to further increase their equity participation in Supermax and benefit from any potential capital appreciation arising from the exercise of the warrants.
Impact
No change to our FY25-27 forecast, pending completion of the exercises.
Valuation
Maintain Buy on the stock with a TP of RM1.37 based on 0.8x FY26 P/B.
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