Apel Asset Sees 69.84% Upside in Access Holdings Amidst Negative Return
Equities analysts at Apel Asset Limited rated shares of Access Holdings Plc buy due to strong upside potential seen in the banking group.
This expectation preceded the financial services group earnings release for half year 2024.
Stock recommendation lists suggest that most of the banking stocks that have experience massive volatility has strong potential to rise if there is better fundamental improvement in business and earnings expectation.
With fair value of N32.69 per share, Apel Asset Limited estimated upside potential of 69.84% for investors holding Access Holdings shares in their portfolio.
Market data showed that Access Plc shareholders have lost about 17% from the beginning of the year to date amidst expectation that the group would follow suit declaring interim dividend when it released half year 2024 earnings scorecard.
In its stock recommendation, Apel Limited advised investors to take position at the support prices of fundamentally sound equities.
Analysts said with the recent wave of capital raising by banks by way of Rights Issue and/or Public Offering, the expected trend is that the equity market price of capital raising companies might dip initially before adjusting upwards as the results of the companies are released.
At the moment, the financial services group has yet to release its earnings due to delay which was communicated to the Nigerian Exchange. The market expects the group to declare interim dividend for half year – just like its immediate rivals in the banking sector. Apel Asset Sees 69.84% Upside in Access Holdings Amidst Negative Return
