$PTRANS / 0186 (PERAK TRANSIT BERHAD)
Research by TA
Buy – TP RM1.03

“Promising FY24 Outlook"

We maintain Perak Transit’s SOP valuation at RM1.03/share. We continue to like Ptrans for its stable earnings trend. At RM1.03, the implied valuation PE works out to ~15.5x, which we think is reasonable as its stable earnings are supported by 3 decent completed terminals and 2 pipeline projects. Maintain Buy

Analyst:
Tan Kam Meng, CFA
kmtan@ta.com.my