Berjaya Research has assigned NWE Resources Group Bhd a fair value of 29 sen per share, implying 48.8% potential upside from its IPO price, supported by the group’s diversified business model and planned expansion in product development and in-house manufacturing.

The research house valued NWE at 12 times FY2028 forecast core earnings per share of 2.4 sen, a multiple it said is broadly in line with selected Bursa Malaysia-listed peers involved in health food and personal care product distribution