$TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD)
Research by TA Securities
Sell – Target Price RM0.76

“Cost Pressures Remain a Concern”

Key takeaways from Tiong Nam Logistics Holdings’ (Tiong Nam) analyst briefing are as follows:
• Facing hiring difficulties;
• MNC will commence warehouse operations in Nov-23; and
• Property segment would come to rescue.
No change to our FY24-26 earnings projections. We maintain Sell on Tiong Nam with an unchanged target price of RM0.76/share.

Analyst:
Tan Kam Meng, CFA
kmtan@ta.com.my