[%guze%]
Research by TA
Buy - TP RM1.03

"Rental Income on the Rise"

We maintain Perak Transit’s SOP valuation at RM1.03/share (Figure 2). We continue to like Ptrans for its stable earnings trend. At RM1.03, the implied valuation PE works out to ~15.5x which we think is reasonable as its stable earnings are supported by 3 decent completed terminals and 2 pipeline projects. Maintain Buy

Analyst:
Tan Kam Meng, CFA 
[%Bjnm%]

$KLSE-PTRANS
Research by TA
Buy - TP RM1.03

"Rental Income on the Rise"

We maintain Perak Transit’s SOP valuation at RM1.03/share (Figure 2). We continue to like Ptrans for its stable earnings trend. At RM1.03, the implied valuation PE works out to ~15.5x which we think is reasonable as its stable earnings are supported by 3 decent completed terminals and 2 pipeline projects. Maintain Buy

Analyst:
Tan Kam Meng, CFA 
kmtan@ta.com.my