[%KatW%]
Research by RHB
Buy – TP RM1.15

“Still Upbeat On FY25F Growth; Stay BUY"

Maintain BUY and MYR1.15 TP, 36% upside with c.3% FY25F (Mar) yield. After attending TASCO’s results briefing, we remain upbeat on its prospects for FY25 and beyond. This is mainly driven by: i) An improving freight forwarding segment, ii) volume recovery, iii) contributions from new warehouses, and iv) available tax credits from integrated logistics services (ILS) incentive. For a leading integrated logistics player, we believe TASCO’s current valuation is appealing, considering its exposure to diverse businesses, robust cash flow generation, and strong growth prospects.

Analysts:
Syahril Hanafiah
[%PDUl%]
Lee Meng Horng
[%vWPE%]

$KLSE-TASCO
Research by RHB
Buy – TP RM1.15

“Still Upbeat On FY25F Growth; Stay BUY"

Maintain BUY and MYR1.15 TP, 36% upside with c.3% FY25F (Mar) yield. After attending TASCO’s results briefing, we remain upbeat on its prospects for FY25 and beyond. This is mainly driven by: i) An improving freight forwarding segment, ii) volume recovery, iii) contributions from new warehouses, and iv) available tax credits from integrated logistics services (ILS) incentive. For a leading integrated logistics player, we believe TASCO’s current valuation is appealing, considering its exposure to diverse businesses, robust cash flow generation, and strong growth prospects.

Analysts:
Syahril Hanafiah
syahril.hanafiah@rhbgroup.com
Lee Meng Horng
lee.meng.horng@rhbgroup.com