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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsThere is no single winner if you mean a pure timber business. Ta Ann delivered the strongest FY2025 headline revenue growth among the reported figures, but plantations generated almost all of that sales increase. WTK returned to profit while revenue fell, so its recovery requires a margin, cash-flow and debt check. Jaya Tiasa is even less of a timber proxy: oil palm supplied 94.30% of FY2024 revenue, while timber and reforestation lost money before tax.
A useful comparison therefore has two layers: calculate comparable revenue and valuation metrics, then separate timber economics from plantation or palm earnings. The method below shows how to do both without treating a low price-to-earnings ratio as proof of undervaluation.
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What you are actually comparing
Malaysian-listed companies described as timber stocks can have very different earnings engines. An integrated operator may own or manage plantations, harvest logs, process plywood or veneer, and sell sawn timber. Another may combine wood products with packaging materials. A third may use timber concessions alongside a much larger oil-palm business. Their share prices can respond to timber prices, palm-oil prices, land and concession values, foreign-exchange movements, dividends and balance-sheet risk at the same time.
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- Timber operating exposure: revenue and profit from logs, plywood, veneer, sawn timber and related processing.
- Plantation exposure: earnings from planted forests or other agricultural estates, which can have different harvest cycles and price drivers.
- Palm diversification: oil-palm earnings that may dominate a company marketed to investors as a timber name.
- Manufacturing diversification: products such as tapes, foil, papers and adhesives that can cushion or obscure wood-cycle results.
The first comparison is therefore not which stock grew fastest, but how much of each company’s growth came from the timber activities you intend to own.
FY2025 and FY2024 operating snapshot
| Company | Fiscal period | Revenue | Net profit or profit after tax | Profitability and balance-sheet figures | Business mix or qualification |
|---|---|---|---|---|---|
| Ta Ann Holdings Berhad (TAANN, Bursa code 5012) | FY2025, year ended December | RM1,932.011 million | RM218.645 million | EBITDA RM443.748 million; ROE 10.51%; net margin 11.32% | FY2025 revenue included RM1,738 million from plantations, RM190.38 million from timber products and RM3.76 million from other activities. |
| WTK Holdings Berhad (WTK, Bursa code 4243) | FY2025, year ended December | RM576.085 million | RM38.593 million | Operating margin 13.44%; debt-to-capital 31% | Manufactures and sells veneer, plywood, sawn timber and logs, plus tapes, foil, papers and adhesives. |
| Jaya Tiasa Holdings Berhad | FY2024, year ended 30 June | RM1,015.867 million | RM128.966 million | ROE 8.7% | Revenue mix: 94.30% oil palm, 5.57% timber and 0.13% other. Timber operations and reforestation recorded a RM52.303 million loss before tax; oil palm generated RM278.875 million profit before tax. |
The fiscal-year mismatch is material. Jaya Tiasa’s June year end does not line up with the December periods used for Ta Ann and WTK. Do not put these figures into a single ranking without labeling the different economic windows they represent.
Which company has the strongest reported revenue growth?
Ta Ann: positive growth, mostly outside timber products
Ta Ann’s sales increased from RM1,649.809 million in FY2024 to RM1,932.011 million in FY2025. The year-over-year calculation is:
(1,932.011 − 1,649.809) ÷ 1,649.809 × 100 = 17.10%
That is the strongest headline growth in the reported peer figures. It is not, however, a 17.10% growth rate for timber products. Plantations contributed about 89.96% of FY2025 revenue, timber products about 9.85%, and other activities about 0.19%. A shareholder seeking wood-processing growth should obtain the prior-year timber segment sales and operating profit before calling the company a timber-growth leader.
WTK: revenue contraction with a profit recovery
WTK revenue declined from RM671.906 million in FY2024 to RM576.085 million in FY2025, equivalent to:
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(576.085 − 671.906) ÷ 671.906 × 100 = −14.26%
At the same time, the company moved from a RM43.224 million net loss to RM38.593 million net profit. This pattern can arise from improved product mix, pricing, cost control, inventory effects, lower exceptional charges or other items below the revenue line. It is not evidence of expanding demand by itself. Read the income-statement notes and cash-flow statement to identify what changed.
Jaya Tiasa: no comparable growth rate from the reported figures
The stated Jaya Tiasa figures provide one FY2024 revenue number rather than a prior-year comparator, so a defensible year-over-year growth rate cannot be calculated here. Obtain the FY2023 figure from the same reporting basis before ranking its growth. The FY2024 mix already shows that a company-level revenue increase would be primarily a palm-cycle result unless timber’s share changes materially.
Separate timber revenue, timber profit and non-timber earnings
Ta Ann’s segment test
Ta Ann’s plantation sales of RM1,738 million dwarf its RM190.38 million timber-product sales. The company may still have valuable concessions, processing capacity and timber cash flows, but consolidated growth is principally a plantation story in FY2025. Compare timber segment revenue, segment profit, harvested volume, average selling prices and biological or inventory adjustments separately from plantation figures.
WTK’s mixed manufacturing model
WTK’s subsidiaries cover several wood products as well as non-wood industrial materials. Classify each reporting segment before comparing margins. Plywood, veneer, sawn timber and logs can experience different price and utilization cycles; tapes, foil, papers and adhesives may have different customers and input costs. A consolidated margin can improve even when timber demand weakens if the non-timber units perform better.
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Jaya Tiasa’s FY2024 revenue mix assigns 94.30% to oil palm and 5.57% to timber. The profit split is more important than the sales split: oil palm produced RM278.875 million profit before tax, while timber operations and reforestation posted a RM52.303 million loss before tax. Treating the company’s RM128.966 million profit after tax as evidence of profitable timber operations would be a category error.
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For all three companies, build a segment worksheet with these columns: revenue, operating profit, assets, capital expenditure, harvested or processed volume, average selling price and cash generated. Mark figures as reported, estimated or unavailable. Do not allocate group overhead to timber unless the company discloses a consistent method.
Check profit quality, cash generation and leverage
Margins and return on equity
Ta Ann reported FY2025 EBITDA of RM443.748 million, equal to an EBITDA margin of approximately 22.97%, alongside an 11.32% net margin and 10.51% ROE. EBITDA shows operating earning power before depreciation, interest and tax; net margin captures all those later charges. ROE should be read with the equity base and any revaluation effects in plantation assets.
WTK’s FY2025 operating margin was 13.44%, while net profit of RM38.593 million on RM576.085 million of revenue implies a net margin of about 6.70%. The gap between operating and net margin makes interest, depreciation, tax and non-operating items important to investigate. Its 31% debt-to-capital ratio is not automatically excessive, but it increases the importance of interest coverage, debt maturity and cash conversion during a timber downturn.
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Jaya Tiasa’s FY2024 profit-after-tax margin was approximately 12.70% and ROE was 8.7%. Those group-level returns do not describe timber profitability because palm earnings offset the timber and reforestation loss. Review segment returns rather than using the consolidated ROE as a timber hurdle rate.
Cash flow and balance-sheet resilience
Ta Ann’s FY2025 operating cash flow was RM325.74 million and free cash flow was RM270.27 million. Reported net cash was RM387.64 million. Compare those amounts with capital expenditure, lease liabilities, biological-asset investment and dividends before concluding that earnings are financially durable.
For WTK and Jaya Tiasa, obtain the equivalent operating-cash-flow, free-cash-flow and net-debt figures for the same fiscal periods. A recovery accompanied by falling revenue deserves a higher cash-flow burden of proof: check whether receivables, inventories or supplier balances supplied the apparent improvement. Also test whether free cash flow remains positive after maintenance planting, concession payments and mill upgrades.
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How to compare PE, price-to-sales and cash-flow multiples
Valuation ratios are only comparable when the market price date, share-count convention and earnings period are the same. A current share price divided by an old annual profit can look cheap or expensive simply because the business cycle moved after the reporting date.
Ta Ann’s dated reference multiples
StockAnalysis, using S&P Global Market Intelligence data updated 27 August 2026, reported Ta Ann FY2025 PE of 8.38, forward PE of 9.05, price-to-free-cash-flow of 6.78 and price-to-sales of 0.95. These are dated observations, not permanent fair values. Record the date beside every ratio and note whether the denominator is trailing, latest audited or forecast.
Calculate peer ratios on one date
For each company, collect the closing share price on the chosen date, ordinary shares outstanding or diluted weighted-average shares, net debt, EBITDA, revenue, net income and free cash flow. Then apply:
PE = market capitalisation ÷ net incomePrice-to-sales = market capitalisation ÷ revenuePrice-to-free-cash-flow = market capitalisation ÷ free cash flowEV/EBITDA = (market capitalisation + total debt − cash) ÷ EBITDA
Use diluted shares when the earnings denominator is diluted. If a company has negative earnings or free cash flow, mark PE or P/FCF as not meaningful rather than forcing a number. For Jaya Tiasa, align the June-year earnings with a clearly labeled trailing period or use the latest common twelve-month period; do not silently mix it with December-year results.
| Metric | Ta Ann reference | WTK | Jaya Tiasa | Interpretation |
|---|---|---|---|---|
| PE | 8.38, FY2025 observation dated 27 August 2026 | Recalculate on the same date; not stated in the reported figures | Recalculate on the same date and fiscal basis; not stated in the reported figures | Low PE can reflect cyclical earnings, illiquidity or balance-sheet risk. |
| Forward PE | 9.05, dated observation | Not stated | Not stated | Depends on forecast assumptions; label the provider and date. |
| Price-to-free-cash-flow | 6.78, FY2025 observation | Not stated | Not stated | Useful only when free cash flow is defined consistently. |
| Price-to-sales | 0.95, FY2025 observation | Not stated | Not stated | Sales quality differs when one company is plantation-heavy and another is manufacturing-heavy. |
| EV/EBITDA | Recalculate with the chosen market date and net debt | Recalculate | Recalculate | Helps compare different leverage levels but remains cyclical. |
A repeatable comparison workflow
- Set the observation date. Choose one Bursa Malaysia trading date for all share prices and market capitalisations. Archive the closing prices and the source timestamp.
- Align the financial periods. Use audited annual figures with their year ends shown. If year ends differ, calculate a trailing twelve-month view or keep separate fiscal-year columns.
- Calculate revenue growth. Compute year-over-year growth from audited figures. For a three-year compound annual growth rate, use
(ending revenue ÷ starting revenue)^(1 ÷ 3) − 1only when the start and end periods are three aligned years apart. - Build a segment bridge. Split timber, plantations, oil palm and other manufacturing. Show each segment’s revenue and profit contribution, not just percentages of group sales.
- Test earnings quality. Compare EBITDA margin, operating margin, net margin and ROE. Read exceptional gains, fair-value movements, biological-asset changes and discontinued operations in the notes.
- Reconcile cash. Compare net income with operating cash flow and free cash flow. Explain material working-capital swings and deduct maintenance capital expenditure consistently.
- Measure leverage. Record debt-to-capital, net debt, interest expense, maturity dates and covenant headroom. Use EV-based ratios when leverage differs substantially.
- Calculate valuation. Apply PE, EV/EBITDA, P/FCF and P/S with one price date, one share-count convention and clearly labeled trailing or forward denominators.
- Stress-test the cycle. Model lower log, plywood, veneer and palm prices; lower harvest volumes; higher freight or energy costs; and ringgit movements. Observe effects on cash flow and covenants.
- Score qualitative risks. Record concession life, log supply, certification requirements, customer concentration, currency exposure, dividend policy and daily trading liquidity.
Qualitative factors that numbers alone miss
Log supply and concession life
Timber revenue depends on what can be harvested legally and sustainably, not just installed mill capacity. Examine concession tenure, annual allowable cut, replanting schedules, age-class distribution, road access and the proportion of purchased logs. A short remaining concession or declining mature area can make a low multiple rational.
Product prices and processing mix
Plywood and veneer prices may diverge from sawn-timber or log prices. Ask whether a company sells commodity grades or higher-value certified products, how quickly it can pass through resin, labour, fuel and freight costs, and whether mills are operating below capacity. WTK’s broad product list makes this mix analysis particularly important.
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Certification and sustainability requirements
Certification can open export markets and support pricing, while compliance, monitoring and reforestation require capital and staff. Check which forests and products are certified, whether certificates cover the volume being sold, and whether customer requirements could exclude uncertified supply.
Currency and geographic exposure
Export receipts, imported machinery, fuel and foreign-currency debt create natural offsets and mismatches. Identify the currency of sales and costs, hedging policy and sensitivity to a stronger or weaker ringgit. Do not assume a weaker ringgit is automatically positive if imported inputs or debt rise faster than export receipts.
Dividends and liquidity
A high dividend yield can reflect a one-off distribution or a cyclical peak. Compare dividends with free cash flow, payout policy and planned replanting or mill investment. Thinly traded shares can show wide bid-ask spreads and make a screen price difficult to realize; include average daily value traded in the investment decision.
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Common comparison mistakes and how to avoid them
- Calling plantation growth timber growth: report segment sales and profit before using group revenue as a timber proxy.
- Ranking different fiscal years as if simultaneous: show each year end and use a common trailing period when the decision requires contemporaneous data.
- Celebrating a profit turnaround without checking revenue: WTK demonstrates why margin, exceptional items and cash conversion matter when sales decline.
- Using PE alone: pair it with P/FCF, EV/EBITDA, balance-sheet leverage and a normalized-cycle earnings estimate.
- Ignoring negative or distorted denominators: mark negative earnings, restructuring charges and fair-value gains clearly; do not manufacture a multiple.
- Mixing share counts: use the same basic or diluted convention in market capitalisation and per-share earnings.
- Assuming consolidated ROE equals timber ROE: palm earnings can mask loss-making forestry operations, as Jaya Tiasa’s FY2024 segment result illustrates.
- Overlooking reinvestment: free cash flow after maintenance planting, roads, mills and environmental obligations is more informative than cash flow before those commitments.
How different investors might interpret the three names
If you want the strongest recent group revenue momentum
Ta Ann is the clear candidate among the reported figures because its FY2025 sales grew 17.10%. Confirm that the plantation exposure, rather than timber processing, matches your objective before treating that growth as evidence for a timber thesis.
If you are looking for an operational recovery
WTK’s return to profit is the relevant starting point, not its revenue trend. Require evidence that the improvement is repeatable: stronger operating cash flow, stable or improving product margins, manageable debt service and no reliance on one-off gains.
If you want a palm-and-timber diversification case
Jaya Tiasa should be analyzed primarily as an oil-palm company with a smaller, currently loss-making timber and reforestation segment in FY2024. Any investment thesis should specify what would make timber profitable and how palm-cycle risk is being valued.
If you want the cleanest cash-backed valuation reference
Ta Ann has the most complete dated valuation and cash-flow figures in the reported data: PE 8.38, P/FCF 6.78, P/S 0.95, operating cash flow RM325.74 million, free cash flow RM270.27 million and net cash RM387.64 million for FY2025. Recheck all of them at the date you invest, then calculate equivalent ratios for the peers rather than comparing a live Ta Ann price with stale peer data.
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A defensible spreadsheet should contain, for every company, at least three aligned years of revenue and segment profit, the latest twelve months of cash flow, diluted shares, market capitalisation, debt, cash, capital expenditure, dividends and average trading value. Add concession life, certified volume, harvested area, mill utilization and the currency split when disclosed.
Only after those fields are populated should you rank growth, quality and valuation separately. A practical scorecard might give one column to timber revenue CAGR, one to timber operating margin, one to free-cash-flow conversion, one to net debt or debt-to-capital, one to valuation and one to qualitative durability. Keep the columns visible so a cheap but highly leveraged or plantation-dependent company cannot appear to win simply because one ratio is low.
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