At the IPO price of RM0.28 per share, SLGC is valued at 10.5x FY25 core EPS. TA research derive a fair value of RM0.28 per share, based on a target PER of 8.0x applied to our FY27 EPS forecast, in line with the average valuation multiple of its two closest peers under our coverage, Nestcon Bhd and Inta Bina Group Bhd.