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Research by TA
Cease Coverage – Target Price RM0.70

“Lack of Re-rating Catalysts”

Given the earnings downgrade, we cut Tiong Nam’s sum-of-parts valuation to RM0.70 (from RM0.76) (Figure 1). Given the lack of re-rating catalyst, we maintain sell recommendation and cease coverage on Tiong Nam.

Analyst:
Tan Kam Meng, CFA 
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$KLSE-TNLOGIS
Research by TA
Cease Coverage – Target Price RM0.70

“Lack of Re-rating Catalysts”

Given the earnings downgrade, we cut Tiong Nam’s sum-of-parts valuation to RM0.70 (from RM0.76) (Figure 1). Given the lack of re-rating catalyst, we maintain sell recommendation and cease coverage on Tiong Nam.

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

$TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD)