[%SJbA%] 
Research by TA
SELL– TP RM0.37 

" Encouraging Operating Statistics"

Following the earnings revision, we reduced our SOP-derived target price
to RM0.37 (from RM0.55), inclusive of ESG premium 3% based on our 4-
star rating. Downgrade the stock to Sell from Hold previously due to
negative risk-reward ratio. 

Analyst:
Raymond Ng Ing Yeow 
[%WERl%]

$KLSE-GADANG 
Research by TA
SELL– TP RM0.37 

" Encouraging Operating Statistics"

Following the earnings revision, we reduced our SOP-derived target price
to RM0.37 (from RM0.55), inclusive of ESG premium 3% based on our 4-
star rating. Downgrade the stock to Sell from Hold previously due to
negative risk-reward ratio. 

Analyst:
Raymond Ng Ing Yeow 
raymondng@ta.com.my