[%kYvS%] 
Research by Kenanga
Outperform – TP of MYR 0.50

“Cost Synergy Misses, Prospects Intact” 

TECHBND’s 9MFY24 results disappointed as cost synergy from integration with Malaysian Adhesives and Chemicals (MAC) fell short. Nonetheless, its 9MFY24 core net profit more than tripled YoY driven by strong demand for its adhesive products and maiden contribution from MAC. We maintain our forecasts, TP of RM0.50 and OUTPERFORM call.

Analyst(s):
Nigel Ng 
[%DeLO%]

$KLSE-TECHBND 
Research by Kenanga
Outperform – TP of MYR 0.50

“Cost Synergy Misses, Prospects Intact” 

TECHBND’s 9MFY24 results disappointed as cost synergy from integration with Malaysian Adhesives and Chemicals (MAC) fell short. Nonetheless, its 9MFY24 core net profit more than tripled YoY driven by strong demand for its adhesive products and maiden contribution from MAC. We maintain our forecasts, TP of RM0.50 and OUTPERFORM call.

Analyst(s):
Nigel Ng 
nigel@kenanga.com.my