[%CJJD%]
Research by TA
Sell – TP RM1.34

“Into the Red Again"

We downgrade FGV to SELL from Hold with a revised target price of RM1.34/share (Previously RM1.50), based on 0.8x CY25 P/BV. We do not see any re-rating catalysts in the near term for the stock.

Analyst:
Angeline Chin 
[%kHef%]

$KLSE-FGV
Research by TA
Sell – TP RM1.34

“Into the Red Again"

We downgrade FGV to SELL from Hold with a revised target price of RM1.34/share (Previously RM1.50), based on 0.8x CY25 P/BV. We do not see any re-rating catalysts in the near term for the stock.

Analyst:
Angeline Chin 
angelinechin@ta.com.my