Tiong Nam Logistics Holdings Berhad

$YONGTAI / 7066 (YONG TAI BERHAD): Board Changes

Dato' Leong Sir Ley, the largest shareholder of Yong Tai, has resigned from her position as a non-executive director to focus on a new business venture. Dato' Leong is the founder and chairman of Sheng Tai International, a property development company. She became the largest shareholder of Yong Tai last year after acquiring 90 million shares (23.8%) through Domain Capital Sdn Bhd. Recently, Domain Capital has reduced its stake in Yong Tai to 16.011%, and Dato' Leong has stepped down, although she remains the largest shareholder.

Additionally, Mr. Leou Thiam Lai and Mr. See Tai Soon have resigned as chairman of the audit committee and non-executive director, respectively.

This raises several questions: Is Dato' Leong's share disposal due to a significant increase in share price? Who will become the next major shareholder of Yong Tai? Will Datuk Wira Boo Kuang Loon purchase enough shares to regain his position as the largest shareholder? Alternatively, could the major shareholder of $TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD) become Yong Tai's major shareholder? There is recent speculation that Courtyard by Marriott Malacca will be sold to Mr. Ong, the major shareholder of Tiong Nam, who also holds a 1.23% stake in Yong Tai.

Do you mean that $TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD) is the potential buyer?

OTHERSTIONG NAM LOGISTICS HOLDINGS BERHAD ("THE COMPANY")
a) PROPOSED RENEWAL OF THE SHARE BUY BACK AUTHORITY; AND
b) PROPOSED NEW AND RENEWAL OF SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

TNLOGIS - Trading Halt & Resumption of Trading

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

Notice of SBB by a Company Pursuant to Section 127 (16) of CA 2016

Change in Audit Committee - MR CHANG CHU SHIEN

Change in Boardroom - MR MOK JUAN CHEK

KUALA LUMPUR: Tiong Nam Logistics Holdings Bhd's net profit surged to RM44.7 million in the third quarter (Q3) ended Dec 31, 2023 from RM194,000 last year driven by fair value gain on investment properties.

© New Straits Times Press (M) Bhd

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

Change in Remuneration Committee - MADAM TAN CHUAN GOR

Change in Nomination Committee - MR CHANG CHU SHIEN

Change in Nomination Committee - MADAM TAN CHUAN GOR

Change in Audit Committee - MR CHANG CHU SHIEN

Change in Nomination Committee - DATUK DATUK HAJI MUHAMAD SHAPIAE BIN MAT ALI

Change in Remuneration Committee - DATUK DATUK HAJI MUHAMAD SHAPIAE BIN MAT ALI

Change in Boardroom - DATUK DATUK HAJI MUHAMAD SHAPIAE BIN MAT ALI

Change in Risk Committee - DATUK DATUK HAJI MUHAMAD SHAPIAE BIN MAT ALI

Change in Audit Committee - DATUK DATUK HAJI MUHAMAD SHAPIAE BIN MAT ALI

$TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD)
Research by TA
Cease Coverage – Target Price RM0.70

“Lack of Re-rating Catalysts”

Given the earnings downgrade, we cut Tiong Nam’s sum-of-parts valuation to RM0.70 (from RM0.76) (Figure 1). Given the lack of re-rating catalyst, we maintain sell recommendation and cease coverage on Tiong Nam.

Analyst:
Tan Kam Meng, CFA
kmtan@ta.com.my

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

Notice of SBB by a Company Pursuant to Section 127 (16) of CA 2016

Immediate Announcement on Shares Buy Back

$TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD)
Research by TA Securities
Sell – Target Price RM0.76

“Cost Pressures Remain a Concern”

Key takeaways from Tiong Nam Logistics Holdings’ (Tiong Nam) analyst briefing are as follows:
• Facing hiring difficulties;
• MNC will commence warehouse operations in Nov-23; and
• Property segment would come to rescue.
No change to our FY24-26 earnings projections. We maintain Sell on Tiong Nam with an unchanged target price of RM0.76/share.

Analyst:
Tan Kam Meng, CFA
kmtan@ta.com.my

$TNLOGIS / 8397 (TIONG NAM LOGISTICS HOLDINGS BERHAD)
Research by TA Securities
Sell – Target Price RM0.76

“Cost Pressure Still High in 1QFY24”
Excluding fair value gains (RM8.8mn), impairment loss on inventory (RM4.3mn) and other exceptional items, Tiong Nam Logistics Holdings’ (Tiong Nam) 1QFY24 core earnings slipped to a loss of RM3.8mn versus our previous FY24 profit forecast of RM9.6mn. However, we consider this as within expectations as Tiong Nam’s FY24 earnings would be backend loaded with maiden contributions from Senai mega warehouse and Sedenak Tech Valley.


Analysts:
Tan Kam Meng
kmtan@ta.com.my

General Meetings: Outcome of Meeting

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

Annual Report & CG Report - 2023

Part A Share buy-back statement in relation to the proposed renewal of shareholders approval for share buy-back by the company up to ten percent (10%) of the total number of issued share of the Company Part B Circular to shareholders in relation to the proposed renewal of shareholders mandate for recurrent related party transactions of a revenue or trading nature

General Meetings: Notice of Meeting