[%XTbl%] 
Research by HLIB
Hold – TP of MYR 4.73

“Retail competition intensified” 

1Q24 revenue of RM418m (-1% QoQ, +13% YoY) yielded a core PAT of RM113m (+10% QoQ, +4% YoY), which matched expectations. Sequentially, bottom line was supported by higher EBITDA margin, higher contribution from associates and lower tax rate. Regional associates contributed a total of RM15m (+120% YoY) to 1Q24’s bottom line. TdC will expand network footprint to meet sustained customer demand and continue enhancement of operational efficiency and innovation to deliver the highest quality products and services. TdC has also embarked on streamlining group’s organization to strengthen core businesses. Stay HOLD with unchanged SOP-derived TP of RM4.73.

Analyst(s):
Tan J Young
[%Sokc%]

$KLSE-TIMECOM 
Research by HLIB
Hold – TP of MYR 4.73

“Retail competition intensified” 

1Q24 revenue of RM418m (-1% QoQ, +13% YoY) yielded a core PAT of RM113m (+10% QoQ, +4% YoY), which matched expectations. Sequentially, bottom line was supported by higher EBITDA margin, higher contribution from associates and lower tax rate. Regional associates contributed a total of RM15m (+120% YoY) to 1Q24’s bottom line. TdC will expand network footprint to meet sustained customer demand and continue enhancement of operational efficiency and innovation to deliver the highest quality products and services. TdC has also embarked on streamlining group’s organization to strengthen core businesses. Stay HOLD with unchanged SOP-derived TP of RM4.73.

Analyst(s):
Tan J Young
jytan@hlib.hongleong.com.my