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Totally out of my expectation, I thought it was just going to be slight pick up 10-15mil. 23mil is so much better than expected. The worst is probably over.
based on 11x FY24F PER, at a discount to the sector’s average historical forward PER of 13x to reflect TGUAN’s low share liquidity. Its strong net cash position stands at RM117m (vs RM91m as at 31 Dec 2023). There is no adjustment to our TP based on ESG given a 3-star rating as appraised by us
