Comparative Financial Performance and Firm Valuation Analysis: A Malaysian Logistics Service Provider Case Study

Richard Yeaw Chong Seow
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Richard Yeaw Chong Seow: Pole Paris Alternance (PPA) Business School

International Journal of Research and Innovation in Social Science, 2023, vol. 7, issue 7, 594-613

Abstract: This study examines the financial performance of Tiong Nam Logistics Holdings Berhad (TNLHB) in the past five financial years (FY2018 to FY2022) ending on 31st March 2022. Data from the audited annual reports were used to conduct financial analysis, covering profitability performance, capital structure and solvency analysis, working capital and liquidity analysis, risk assessment, and firm’s valuation. Peer comparison is used to provide benchmarking analysis. Comparatively, TNLHB has lower profitability ratios, lower solvency ratios, and lower liquidity ratios. The lower profitability was a result of weaker revenue generation and less operational efficiency in profit generation. The lower solvency ratios and liquidity ratios connote a weaker financial position. The top three risk exposures are market and competitive risks, operational risks, and financial risks. Based on a three-method approach, TNLHB is valued between RM0.78 to RM0.93. This paper contributes to the extant literature on performance analysis and firm valuation.

Date: 2023
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