[%JHXt%]
Research by CGS
ADD – TP RM2.67

"Resilient demand despite global tension”

■ 1H24F core net profit of RM44.7m was up 13.4% yoy and in line at 52.2% of our FY24F estimate and 47.5% of Bloomberg consensus.
■ The earnings increase yoy was due to stronger sales volume recovery for industrial bags, film and garbage bags.
■ We reiterate Add on TGI, with a GGM-derived TP of RM2.67, implying FY26F P/E of 11.4x.

Analyst:
Shafiq KADIR
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Prem JEARAJASINGAM
[%rRUw%]

$KLSE-TGUAN
Research by CGS
ADD – TP RM2.67

"Resilient demand despite global tension”

■ 1H24F core net profit of RM44.7m was up 13.4% yoy and in line at 52.2% of our FY24F estimate and 47.5% of Bloomberg consensus.
■ The earnings increase yoy was due to stronger sales volume recovery for industrial bags, film and garbage bags.
■ We reiterate Add on TGI, with a GGM-derived TP of RM2.67, implying FY26F P/E of 11.4x.

Analyst:
Shafiq KADIR
shafiq.abkadir@cgsi.com
Prem JEARAJASINGAM
prem.jearajasingam@cgsi.com

$TGUAN / 7034 (THONG GUAN INDUSTRIES BERHAD)