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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.
While the company has bad quarterly accounting which lead the much profit fluctuation, the annual profit trend is clear:- the company has started profit making since 2022.
Handsome profits continue thereafter and will expect such trend in years to come, especially with new won mega projects, including those from MP Ampang Jaya.
Under the NIISE won scenario, the total profit could yield at least Rm100m. How would this compare to the recent annual profit of only <Rm10m?
The case is clear, existing growth without NIISE: Rm3.5 (50x PE multiple of FY24 profit), with NIISE: Rm6.
