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Current PE below 5x is way too...... low.
Given the latest FY24 profit (67m) approximates the average of FY17 and FY18, would believe the historical price will follow, with target of Rm1.5 (based on historical price range of 0.7-2.3 btw FY17 and FY18).
2025Q1 profit of Rm25m was attributed to enhanced operational efficiency, particularly in the air freight and courier and logistics segments.
An undemanding forward PE of 12x is derived based on the current market cap of Rm1224m and assuming Rm25m quarterly profit is sustainable over the next 2-3 quarters.
Given the new prospect, should the PE be set at 20x, the target price would be 85 sen.
BRAVO! Is important to note that air freight division is the second largest revenue contributor and the substantial rise in demand for air cargo services led to significant revenue growth. The 2nd consecutive aircraft purchase will constitute significant cost saving. As top line and bottom line are expected to shine, a share price limit up is warranted tomorrow or after CNY.
TP Rm2.5
The current FCPO just stood at Rm5,100, a price level of early 2022. The price rally similar to 2020 to 2022 previously seems to be repeating. The market cap would be 6307m based on average PAT for 2021 and 2022, with undemanding 15x PE. The upside potential is 100% based on the current market cap of 3150m (1.26/share).
JPG’s profits after tax were 345m (2021) and 496m (2022) respectively.
