[%xnDo%]
Research by Kenanga
Outperform - TP RM0.54

"Record-Breaking, Sticky Growth Ahead"

TECHBND’s FY24 results met expectation. Its core net profit more than doubled driven by higher sales volume of its adhesive products and full year contribution from Malaysian Adhesives and Chemicals (MAC). Moving forward, the integration of MAC and the expansion of its upstream polymer operations is expected to further boost earnings. We maintain our forecasts but raise our TP by 8% to RM0.54 (from RM0.50). Maintain OUTPERFORM as recent price correction offers accumulating opportunity.

Analyst:
Nigel Ng 
[%DgxG%]

$KLSE-TECHBND
Research by Kenanga
Outperform - TP RM0.54

"Record-Breaking, Sticky Growth Ahead"

TECHBND’s FY24 results met expectation. Its core net profit more than doubled driven by higher sales volume of its adhesive products and full year contribution from Malaysian Adhesives and Chemicals (MAC). Moving forward, the integration of MAC and the expansion of its upstream polymer operations is expected to further boost earnings. We maintain our forecasts but raise our TP by 8% to RM0.54 (from RM0.50). Maintain OUTPERFORM as recent price correction offers accumulating opportunity.

Analyst:
Nigel Ng 
nigel@kenanga.com.my