Taliworks Corporation Berhad

@BrunoBoon @terence775
$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)

$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)
Research Report by RHB

$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

$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - MR LIM CHIN SEAN

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATO' LIM CHEE MENG

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - LGB GROUP SDN BHD

Change in Nomination Committee - ENCIK AHMAD JAUHARI BIN YAHYA

Change in Remuneration Committee - YM RAJA DATUK ZAHARATON BINTI RAJA DATO' ZAINAL ABIDIN

Change in Remuneration Committee - MR LIM CHIN SEAN

Change in Nomination Committee - YM RAJA DATUK ZAHARATON BINTI RAJA DATO' ZAINAL ABIDIN

Change in Boardroom - ENCIK AHMAD JAUHARI BIN YAHYA

Change in Boardroom - YM RAJA DATUK ZAHARATON BINTI RAJA DATO' ZAINAL ABIDIN

Change in Audit Committee - MR LIM CHIN SEAN

Change in Boardroom - MR LIM CHIN SEAN

General Meetings: Outcome of Meeting

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

“Construction Still Lagging But Others A-okay; BUY"

Keep BUY with new MYR0.98 TP from MYR1.01, 20% upside, c.5% FY25F yield. Taliworks Corporation recorded a 1Q24 core profit of MYR15m (+49% YoY) but missed both ours and Street’s estimates – contributing 20% of full- year projections. The negative deviation was mainly due to the sluggish progress of construction projects. A first interim dividend of 1 sen per share was declared in 1Q24 vs our FY24 assumption of 4 sen per share payout. We favour Taliworks for its undemanding valuation (-2SD below its 5-year mean EV/EBITDA) and attractive c.5% FY24F yield.

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

$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)
Research by HLIB
Hold (Maintain) – TP RM0.81

“Transitory period"

Taliworks reported 1QFY24 core PATAMI of RM15.0m (+49.4% YoY) meeting our/consensus expectations at 20% of forecasts. 1QFY24 DPS of 1.0 sen was slightly below expectations. Construction segment was sluggish but things could eventually pick-up. Water & toll segments profitability should see noteworthy improvement from rate hike and higher compensation. Contribution from solar is anticipated to be steady. Minor changes to forecasts. Maintain HOLD with unchanged TP of RM0.81. The stock is undergoing a transitory period prioritising growth over dividends.

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

TALIWRK - Notice of Book Closure

TALIWORKS KICKS OFF 2024 POSITIVELY

website: https://cutt.ly/Vee5w9vk
FB: https://cutt.ly/Zee5w3sj

Bursa Announcement Link:
https://cutt.ly/Ree5w8qG
https://cutt.ly/xee5w8J4
https://cutt.ly/Fee5w4Yv

Taliworks Corporation Berhad $TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)

TALIWORKS CORPORATION
Q1 FYE2024 RESULTS

$TALIWRK / 8524 (TALIWORKS CORPORATION BERHAD)

OTHERSTALIWORKS CORPORATION BERHAD ("TCB" or "the Company") - FIRST INTERIM DIVIDEND

First Interim Dividend

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

Annual Audited Accounts - 31 Dec 2023

Annual Report & CG Report - 2023

CIRCULAR TO SHAREHOLDERS IN RELATION TO THE PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

General Meetings: Notice of Meeting

OTHERSTALIWORKS CORPORATION BERHAD ("Taliworks" or "the Company") - PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("Proposed Shareholders' Mandate")