Apex Securities Starts Call Buy on AQUAWALK IPO with 65% Potential Upside
StockTipRatings ·
Apex Securities research team has initiated coverage on the upcoming IPO of Aquawalk Group with a Buy call and a target price of RM0.51, implying a 64.5% upside from its IPO price of RM0.31. The research team is positive on the company’s prospects, citing its dominant market position in Malaysia and Thailand, rising tourism supported by the Visit Malaysia 2026 campaign, and untapped pricing potential at Aquaria KLCC. Apex also highlights that Aquawalk’s high operating leverage provides strong earnings scalability.
They expect core earnings to rise at a 13.6% CAGR from FY24–27F, driven by higher visitorship, potential ticket price adjustments, and contributions from ongoing upgrade and expansion plans. New aquariums in Java and Kota Kinabalu, together with major upgrades at KLCC and Phuket, are projected to enhance traffic and strengthen earnings visibility through FY28.
Notably, the Apex Securities research team is the most bullish among 5 research houses or analysts, giving the highest target price along with a Buy rating, while the others issued only Non-Rated reports.
The top analyst covering Aquawalk Group is RHB Investment Bank’s Hoe Lee Leng (67% expert rating), who assigned the second-highest fair value of RM0.43 on November 7. She believes the company is well-positioned to capitalise on Malaysia’s rising tourist arrivals, supported by a relatively fixed cost structure and net cash.
The IPO application for Aquawalk Group closed on November 7, ahead of its ACE Market listing on November 19.