[%qHUG%] 
Research by MIDF
Buy (Maintain) – Target Price RM1.30

“Glimpsing Stronger Quarters Ahead”

Maintain BUY. We maintain our earnings estimates, with a potential revision pending further insights from a scheduled management briefing on 5 February 2024. Our TP is unchanged at RM1.30 (13x FY25E EPS). The stock is trading at a -40% discount to its 5-year historical mean. Key downside risks are: (i) volatility in freight rates and (ii) underutilisation of the newly constructed warehouses.

Analyst:
MIDF Research Team
[%WhnL%]

$KLSE-TASCO 
Research by MIDF
Buy (Maintain) – Target Price RM1.30

“Glimpsing Stronger Quarters Ahead”

Maintain BUY. We maintain our earnings estimates, with a potential revision pending further insights from a scheduled management briefing on 5 February 2024. Our TP is unchanged at RM1.30 (13x FY25E EPS). The stock is trading at a -40% discount to its 5-year historical mean. Key downside risks are: (i) volatility in freight rates and (ii) underutilisation of the newly constructed warehouses.

Analyst:
MIDF Research Team
research@midf.com.my