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Research by CGS
REDUCE – TP RM0.93

"Tough conditions with no relief in sight”

■ 1H24 core net loss of RM411m made up 46% of our full-year loss forecast, which we consider to be broadly in line.
■ Market conditions in the petrochemical market remain weak, in our view, due to modest demand growth in light of industry overcapacity.
■ With little to look forward to, we reiterate our Reduce rating and end-CY24F TP of 93 sen, still based on P/BV of 0.2x (trough valuation during Covid-19).

Analyst:
Raymond YAP, CFA
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$KLSE-LCTITAN 
Research by CGS
REDUCE – TP RM0.93

"Tough conditions with no relief in sight”

■ 1H24 core net loss of RM411m made up 46% of our full-year loss forecast, which we consider to be broadly in line.
■ Market conditions in the petrochemical market remain weak, in our view, due to modest demand growth in light of industry overcapacity.
■ With little to look forward to, we reiterate our Reduce rating and end-CY24F TP of 93 sen, still based on P/BV of 0.2x (trough valuation during Covid-19).

Analyst:
Raymond YAP, CFA
raymond.yap@cgsi.com

$LCTITAN / 5284 (LOTTE CHEMICAL TITAN HOLDING BERHAD)