Highlights

KUALA LUMPUR (Oct 23): Sabah-based construction outfit Azam Jaya Bhd, which is listing on Bursa Malaysia’s Main Market at 78 sen per share, has a fair value of RM1.54 apiece, said TA Securities.

The target price is driven by TA Securities’ forecast earnings growth of 73.8% in the financial year ending Dec 31, 2025 (FY2025) to RM51.3 million, with price-to-earnings multiple of 15 times — similar to the 15 times price-earnings ratio (PER) ascribed to the initial public offering (IPO) based on its FY2023 net profit, the research house said.