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8/6/2023

Apex Securities thinks Glostrext is poised for a glow up

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00:00 Happy Monday, we start the week with upcoming new Ace Market member, Glostrex, where Apex

00:05 Securities thinks that it will ride high on the recovery of the construction sector.

00:10 It has a subscribed recommendation and a fair value of 32 cent.

00:14 So a brief background, Glostrex is involved in piling structural and geotechnical related

00:19 services to construction projects as well as completed buildings.

00:23 Backed by more than three decades of experience, the group has established a track record with

00:28 a few sizable and notable projects such as the KLCC, PMB 118, Jio Changi Airport, Rapid

00:35 Transit System and Naga 3 Integrated Entertainment Complex.

00:38 An increase of opportunities in public and private infraspending in Malaysia is poised

00:43 to potentially benefit the group and propel the growth of the geotechnical instrumentation

00:47 and monitoring market.

00:49 The group is well positioned to benefit from the mandatory requirements for compliance

00:52 on pile testing as well as structural and ground monitoring by the governments of Singapore

00:57 and Malaysia.

00:58 Glostrex continuously improves its service offerings with the use of technology, with

01:02 a focus on promoting off-site structural and ground instrumentation and monitoring services.

01:07 Apex's FY24 net profit forecast stands at RM7 million, which is projected to grow at

01:12 70% year-on-year in FY24 and 31% year-on-year in FY25 to RM9.2 million.

01:20 Glostrex is due to list in mid-August and according to data, Apex is the only one that

01:25 has a subscribe on it for now.

01:27 So based on the 32 cent fair value, this implies a potential gain of a whopping 68% from its

01:33 19 cent issue price.

01:35 [Music]

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