Apophis is a near-Earth object with a diameter of approximately 340 m, which will come closer to the Earth than a geostationary orbit in 2029, offering a unique opportunity for characterizing the object during the upcoming encounter. Therefore, Korea Astronomy and Space Science Institute has a plan to propose a space mission to explore the Apophis asteroid using scientific instruments such as a laser altimeter. In this study, we evaluate the performance metrics of a laser altimeter using a pseudorandom noise modulation technique for the Apophis mission, in terms of detection probability and ranging accuracy. The closed-form expression of detection probability is provided using the cross correlation between the received pulse trains and pseudo-random binary sequence. And the new ranging accuracy model using Gaussian error propagation is also derived by considering the sampling rate. The operation range is significantly limited by thermal noise rather than background noise, owing to not only the low power laser but also the avalanche photodiode in the analog mode operation. However, it is demonstrated from the numerical simulation that the laser altimeter can achieve the ranging performance required for a proximity operation mode, which employs commercially available components onboard CubeSat-scale satellites for optical communications.