[%YdJL%] 
Research by HLIB
HOLD – TP RM0.47

"Within expectations”

TRC’s 1HFY24 core PATAMI of RM5.5m was within expectations. We had earlier slashed FY24 forecasts by -46%. Net cash per share has dwindled down to RM0.55 from RM0.65. Unbilled orderbook is decent at RM1.0bn. Ara Sentral Ph 2 launch has been delayed to 2Q26 from 1Q25. We have also adjusted downwards FY24 construction replenishment assumptions to RM1.0bn (from RM1.5bn) due to delays in government infra timelines. As such, we change FY25f/26f core PATAMI forecasts by -7.6%/+23.2%. Downgrade to HOLD with lower TP of RM0.47.

Analyst:
Edwin Woo, CFA
[%YmRp%]

$KLSE-TRC 
Research by HLIB
HOLD – TP RM0.47

"Within expectations”

TRC’s 1HFY24 core PATAMI of RM5.5m was within expectations. We had earlier slashed FY24 forecasts by -46%. Net cash per share has dwindled down to RM0.55 from RM0.65. Unbilled orderbook is decent at RM1.0bn. Ara Sentral Ph 2 launch has been delayed to 2Q26 from 1Q25. We have also adjusted downwards FY24 construction replenishment assumptions to RM1.0bn (from RM1.5bn) due to delays in government infra timelines. As such, we change FY25f/26f core PATAMI forecasts by -7.6%/+23.2%. Downgrade to HOLD with lower TP of RM0.47.

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my