[%RcKU%] 
Research by RHB
Buy(Maintained) - TP of MYR1.19

"Post-Results Briefing Takeaways; Keep BUY"

Keep BUY, new MYR1.19 TP from MYR1.35, 47% upside with c.4% FY24F (Mar) yield. Following our post-results briefing and site visits with TASCO, we lower our FY24F-26F earnings by 11-13% to account for the slow volume recovery and delay in the handover of the Shah Alam Logistics Centre (SALC). While adopting a more conservative outlook on overall FY24 prospects, we stay upbeat on FY25 and beyond, driven by: i) Trade activity recoveries, ii) regional business projects, iii) contributions from new warehouses, and iv)
higher tax savings credits. A final dividend can also be expected in 4QFY24.

Analyst(s):
Nai Wan Yan 
[%huAS%] 

Lee Meng Horng 
[%Iptd%]

$KLSE-TASCO 
Research by RHB
Buy(Maintained) - TP of MYR1.19

"Post-Results Briefing Takeaways; Keep BUY"

Keep BUY, new MYR1.19 TP from MYR1.35, 47% upside with c.4% FY24F (Mar) yield. Following our post-results briefing and site visits with TASCO, we lower our FY24F-26F earnings by 11-13% to account for the slow volume recovery and delay in the handover of the Shah Alam Logistics Centre (SALC). While adopting a more conservative outlook on overall FY24 prospects, we stay upbeat on FY25 and beyond, driven by: i) Trade activity recoveries, ii) regional business projects, iii) contributions from new warehouses, and iv)
higher tax savings credits. A final dividend can also be expected in 4QFY24.

Analyst(s):
Nai Wan Yan 
nai.wan.yan@rhbgroup.com 

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