[%tBRP%] 
Research by RHB
Buy (Maintain) – Target Price RM1.35

“A Stronger FY25 In Sight; Still BUY”

Still BUY and MYR1.35 TP, 55% upside with c.4% FY24F (Mar) yield. 9MFY24 earnings were slightly below expectations as we expect TASCO to book stronger numbers ahead – supported by a recovery in trade activities, sector tailwinds, contributions from new warehouses, and recognition of tax incentives. Trading at only 7.4x P/E – a discount to local and regional peer averages of 13x and 20x – its valuation is attractive for a leading integrated logistics player with diversified business segments, solid cash flow generation, healthy dividend yields, and growth prospects.

Analysts:
Lee Meng Horng 
[%fsPL%]

Nai Wan Yan 
[%ZcTA%]

$KLSE-TASCO 
Research by RHB
Buy (Maintain) – Target Price RM1.35

“A Stronger FY25 In Sight; Still BUY”

Still BUY and MYR1.35 TP, 55% upside with c.4% FY24F (Mar) yield. 9MFY24 earnings were slightly below expectations as we expect TASCO to book stronger numbers ahead – supported by a recovery in trade activities, sector tailwinds, contributions from new warehouses, and recognition of tax incentives. Trading at only 7.4x P/E – a discount to local and regional peer averages of 13x and 20x – its valuation is attractive for a leading integrated logistics player with diversified business segments, solid cash flow generation, healthy dividend yields, and growth prospects.

Analysts:
Lee Meng Horng 
lee.meng.horng@rhbgroup.com

Nai Wan Yan 
nai.wan.yan@rhbgroup.com