[%cDlD%] 
Research by RHB
Neutral – TP RM 3.65

" Slight Improvements In ESG Disclosure”

The plantation industry is at a crossroads. With rising costs, falling yields, little chance for landbank expansion - where can growth come from? Being a pure upstream player, we believe Ta Ann can always venture downstream, find ways to monetise its landbank or improve its rather limited ESG transparency. The counter is currently trading at 9.2x FY25F P/E, at the-high end of its peer range of 6- 10x. However, share price would be supported by its superior 6.5% FY24F dividend yield.  

Analyst:
Hoe Lee Leng
[%PSYy%]

$KLSE-TAANN 
Research by RHB
Neutral – TP RM 3.65

" Slight Improvements In ESG Disclosure”

The plantation industry is at a crossroads. With rising costs, falling yields, little chance for landbank expansion - where can growth come from? Being a pure upstream player, we believe Ta Ann can always venture downstream, find ways to monetise its landbank or improve its rather limited ESG transparency. The counter is currently trading at 9.2x FY25F P/E, at the-high end of its peer range of 6- 10x. However, share price would be supported by its superior 6.5% FY24F dividend yield.  

Analyst:
Hoe Lee Leng
hoe.lee.leng@rhbgroup.com