[%ovHl%] 
Research by Kenanga
Outperform – TP of MYR 17.50

“Acquires 15% Stake in Techbond” 

PPB has acquired a 15% stake in TECHBND (OP; TP: RM0.50) for RM38m cash, having sold its adhesive unit Malayan Adhesives and Chemicals Sdn Bhd (MAC) to TECHBND in Feb 2023. The earnings impact of the deal to PPB is negligible. We see the deal as more of a vote of confidence from PPB to TECHBND. We maintain our forecasts, TP of RM17.50 and our OUTPERFORM call.

Analyst(s):
Teh Kian Yeong 
[%eFmC%]

$KLSE-PPB 
Research by Kenanga
Outperform – TP of MYR 17.50

“Acquires 15% Stake in Techbond” 

PPB has acquired a 15% stake in TECHBND (OP; TP: RM0.50) for RM38m cash, having sold its adhesive unit Malayan Adhesives and Chemicals Sdn Bhd (MAC) to TECHBND in Feb 2023. The earnings impact of the deal to PPB is negligible. We see the deal as more of a vote of confidence from PPB to TECHBND. We maintain our forecasts, TP of RM17.50 and our OUTPERFORM call.

Analyst(s):
Teh Kian Yeong 
tehky@kenanga.com.my