not vested
1HFY1/23: In line, in the red
Maintain SELL and MYR0.03 SOP-based TP
SAPE remained in the red for the 6th consecutive quarter, continuously weighed down by legacy issues.
SAPE remains vulnerable for its negative mix of stretched balance sheet, tight cash flows, legacy contracts, poor execution and cost overruns.
While an operational and financial restructuring exercise is underway, turning around SAPE remains a challenge & a work in progress.
We see better value elsewhere for now.
Source: Maybank
https://mkefactsettd.maybank-ke.com/PDFS/281440.pdf