[%BBoJ%] 
Research by Apex
Buy - TP of RM1.12

"Riding onto path of recovery"

• Tasco’s 9MFY23 core net profit at RM43.9m came below our expectations.
• Looking ahead, we expect better performance, in anticipation of recovery in external trade and contribution from new warehouse capacity.
• We maintain our BUY recommendation with lower target price of RM1.12 by pegging PE multiple of 11.0x to FY25F EPS of 10.19 sen.

Analyst:
Jayden Tan
[%oxnK%]

$KLSE-TASCO 
Research by Apex
Buy - TP of RM1.12

"Riding onto path of recovery"

• Tasco’s 9MFY23 core net profit at RM43.9m came below our expectations.
• Looking ahead, we expect better performance, in anticipation of recovery in external trade and contribution from new warehouse capacity.
• We maintain our BUY recommendation with lower target price of RM1.12 by pegging PE multiple of 11.0x to FY25F EPS of 10.19 sen.

Analyst:
Jayden Tan
kdtan@apexsecurities.com.my