It issues ‘subscribe’ call on the furniture and home products retailer at 25 sen.
SSF Home Group Bhd is scheduled to debut on the ACE Market of Bursa Malaysia on Oct 12.
The TP was determined using a price-earnings ratio of 15 times the group’s projected earnings per share for the 2024 financial year of 2.3 sen. The lower PER, said Apex Securities, reflected SSF’s less favourable market position given its small market share of 0.4% and smaller market capitalisation relative to its competitors.
The government’s continued commitment to the affordable housing programme also supports the sector’s recovery, it noted.
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