[%zjlO%]
Research by Maybank
BUY – TP RM  4.03

"2Q earnings hurt by low logs output due to wet weather”

2Q core PATMI missed our/consensus estimates mainly due to wet weather that impacted logs output and exports. We expect earnings to play seasonal catch up in 2H24 on better FFB output and higher logs production on improved weather. Following our EPS revisions, we tweak our TP to MYR4.03 (from MYR4.29) on unchanged on 10.5x FY24E PER, its 5Y mean. BUY for TAH’s attractive net DY of 6% (based on 60% DPR), single-digit forward PER, and net cash of MYR296m (ie. 17% of its market cap)

Analyst:
Ong Chee Ting, CA
[%dENf%]

$KLSE-TAANN
Research by Maybank
BUY – TP RM  4.03

"2Q earnings hurt by low logs output due to wet weather”

2Q core PATMI missed our/consensus estimates mainly due to wet weather that impacted logs output and exports. We expect earnings to play seasonal catch up in 2H24 on better FFB output and higher logs production on improved weather. Following our EPS revisions, we tweak our TP to MYR4.03 (from MYR4.29) on unchanged on 10.5x FY24E PER, its 5Y mean. BUY for TAH’s attractive net DY of 6% (based on 60% DPR), single-digit forward PER, and net cash of MYR296m (ie. 17% of its market cap)

Analyst:
Ong Chee Ting, CA
ct.ong@maybank-ib.com