SAPE’s FY1/22 was worse than expected, with its RM3.3bn core net loss 32% wider than our forecast and 72% wider than consensus. SAPE’s survival now hinges on creditors agreeing to its debt-to-equity swap proposal; even so, a share price overhang may persist for years to come. Reiterate Reduce, with a lower RNAV-based TP of 0.5 sen.
Equity Analysis /
Malaysia