A shadow of its former self
? 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.