[%HZWW%] 
Research by RHB
Neutral – TP of MYR 3.55

“1Q24 Results Disappointed; Expecting a Better 2H24” 

1Q24 net profit disappointed. While we expect better earnings prospects in 2H24 from improved timber productivity and reduced plantation unit costs, we believe valuations remain fair – Ta Ann is trading at 9x FY24F P/E, ie at the high end of its 7-10x peer range. The plantation division remains the key driver to earnings, comprising 92% of PB

Analyst(s):
Hoe Lee Leng
[%jsaa%]

$KLSE-TAANN 
Research by RHB
Neutral – TP of MYR 3.55

“1Q24 Results Disappointed; Expecting a Better 2H24” 

1Q24 net profit disappointed. While we expect better earnings prospects in 2H24 from improved timber productivity and reduced plantation unit costs, we believe valuations remain fair – Ta Ann is trading at 9x FY24F P/E, ie at the high end of its 7-10x peer range. The plantation division remains the key driver to earnings, comprising 92% of PB

Analyst(s):
Hoe Lee Leng
hoe.lee.leng@rhbgroup.com