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Research by RHB
Buy (Maintained) – TP RM0.98

“Construction Still Lagging But Others A-okay; BUY"

Keep BUY with new MYR0.98 TP from MYR1.01, 20% upside, c.5% FY25F yield. Taliworks Corporation recorded a 1Q24 core profit of MYR15m (+49% YoY) but missed both ours and Street’s estimates – contributing 20% of full- year projections. The negative deviation was mainly due to the sluggish progress of construction projects. A first interim dividend of 1 sen per share was declared in 1Q24 vs our FY24 assumption of 4 sen per share payout. We favour Taliworks for its undemanding valuation (-2SD below its 5-year mean EV/EBITDA) and attractive c.5% FY24F yield.

Analyst:
Adam Bin Mohamed Rahim
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$KLSE-TALIWRK
Research by RHB
Buy (Maintained) – TP RM0.98

“Construction Still Lagging But Others A-okay; BUY"

Keep BUY with new MYR0.98 TP from MYR1.01, 20% upside, c.5% FY25F yield. Taliworks Corporation recorded a 1Q24 core profit of MYR15m (+49% YoY) but missed both ours and Street’s estimates – contributing 20% of full- year projections. The negative deviation was mainly due to the sluggish progress of construction projects. A first interim dividend of 1 sen per share was declared in 1Q24 vs our FY24 assumption of 4 sen per share payout. We favour Taliworks for its undemanding valuation (-2SD below its 5-year mean EV/EBITDA) and attractive c.5% FY24F yield.

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com

$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)