[%HFyP%]
Research by HLIB
Hold (Maintain) – TP RM0.81

“Transitory period"

Taliworks reported 1QFY24 core PATAMI of RM15.0m (+49.4% YoY) meeting our/consensus expectations at 20% of forecasts. 1QFY24 DPS of 1.0 sen was slightly below expectations. Construction segment was sluggish but things could eventually pick-up. Water & toll segments profitability should see noteworthy improvement from rate hike and higher compensation. Contribution from solar is anticipated to be steady. Minor changes to forecasts. Maintain HOLD with unchanged TP of RM0.81. The stock is undergoing a transitory period prioritising growth over dividends.

Analyst:
Edwin Woo, CFA
[%casb%]

$KLSE-TALIWRK
Research by HLIB
Hold (Maintain) – TP RM0.81

“Transitory period"

Taliworks reported 1QFY24 core PATAMI of RM15.0m (+49.4% YoY) meeting our/consensus expectations at 20% of forecasts. 1QFY24 DPS of 1.0 sen was slightly below expectations. Construction segment was sluggish but things could eventually pick-up. Water & toll segments profitability should see noteworthy improvement from rate hike and higher compensation. Contribution from solar is anticipated to be steady. Minor changes to forecasts. Maintain HOLD with unchanged TP of RM0.81. The stock is undergoing a transitory period prioritising growth over dividends.

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my

$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)