[%NYnp%] 
Research by Maybank
Sell – TP of MYR0.58

“ESG 2.0: More can be done”

THP’s overall ESG score is 35 (out of 100), below average. We opine THP needs to do more in terms of data collection, disclosures and commitment towards its sustainability goals, alongside its priority to raise profitability and lower gearing. Given the lack of catalysts, the stock remains a SELL with an unchanged TP of MYR0.58 based on 0.7x FY24E PBV, its 5Y mean.

Analyst(s):
Ong Chee Ting, CA 
[%KZdW%]

$KLSE-THPLANT 
Research by Maybank
Sell – TP of MYR0.58

“ESG 2.0: More can be done”

THP’s overall ESG score is 35 (out of 100), below average. We opine THP needs to do more in terms of data collection, disclosures and commitment towards its sustainability goals, alongside its priority to raise profitability and lower gearing. Given the lack of catalysts, the stock remains a SELL with an unchanged TP of MYR0.58 based on 0.7x FY24E PBV, its 5Y mean.

Analyst(s):
Ong Chee Ting, CA 
ct.ong@maybank-ib.com