[%SNyd%]
Research by RHB 
Neutral – TP RM 3.60

"Dragged By Timber Segment”

Maintain NEUTRAL, new MYR3.60 TP from MYR3.65, 6% downside. We still expect Ta Ann to see better earnings prospects in 2H24, on improved plantation productivity and moderating plantation unit costs. However, its valuation remains fair – the stock is trading at 9.3x FY25F P/E, which is at the high end of its peer range of 6-10x. However, we believe its share price movement will be supported by a handsome c.7% FY24F dividend yield. The plantation unit remains the key driver, accounting for 100% of PBT. 

Analyst:
Hoe Lee Leng
[%ZAUz%]

$KLSE-TAANN
Research by RHB 
Neutral – TP RM 3.60

"Dragged By Timber Segment”

Maintain NEUTRAL, new MYR3.60 TP from MYR3.65, 6% downside. We still expect Ta Ann to see better earnings prospects in 2H24, on improved plantation productivity and moderating plantation unit costs. However, its valuation remains fair – the stock is trading at 9.3x FY25F P/E, which is at the high end of its peer range of 6-10x. However, we believe its share price movement will be supported by a handsome c.7% FY24F dividend yield. The plantation unit remains the key driver, accounting for 100% of PBT. 

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