[%AIud%] 
Research by Maybank
SELL – TP RM0.94

"2Q24: PE-naphtha spreads still unfavourable”

LCTITAN’s 2Q24 results came in within our expectation. We make no change to our FY24-26E net profit forecasts. We also maintain our SELL rating with an unchanged TP of MYR0.94, based on FY24E P/B of 0.15x, reflecting near-trough historical P/BV multiple as we continue to expect huge losses to persist in FY24E. 

Analyst:
Jeremie Yap
[%zgyQ%]

$KLSE-LCTITAN 
Research by Maybank
SELL – TP RM0.94

"2Q24: PE-naphtha spreads still unfavourable”

LCTITAN’s 2Q24 results came in within our expectation. We make no change to our FY24-26E net profit forecasts. We also maintain our SELL rating with an unchanged TP of MYR0.94, based on FY24E P/B of 0.15x, reflecting near-trough historical P/BV multiple as we continue to expect huge losses to persist in FY24E. 

Analyst:
Jeremie Yap
jeremie.yap@maybank-ib.com

$LCTITAN / 5284 (LOTTE CHEMICAL TITAN HOLDING BERHAD)