$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)
Research by RHB
Buy – TP RM0.98

"Better Progress Ahead For Sungai Rasau Project; BUY”

Keep BUY and MYR0.98 TP, 24% upside and c.5% FY25F yield. 1H24 core profit of MYR32m (+46% YoY) made up 48% and 46% our and Street full-year projections which we deem as in line amid better construction progress for the Sungai Rasau Water Treatment Plant project and traffic volume of its highways in 2H24. 1H24 DPS stands at 2 sen vs our FY24 assumption of 4 sen. We favour Taliworks Corporation for its undemanding valuation (-2SD from its 5-year mean EV/EBITDA) and attractive FY25F dividend yield

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com