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Ta Ann Holdings Berhad (Bursa: TAANN) has the strongest reported year-on-year revenue growth among the three companies in the available figures: FY2025 sales rose 17.1% to RM1,932.011 million from RM1,649.809 million. WTK Holdings Berhad (Bursa: WTK) declined 14.3% to RM576.085 million, while Jaya Tiasa Holdings Berhad cannot be ranked fairly on growth from the figures available because its cited FY2024 year ended 30 June and no matching prior-year figure is provided.
That headline ranking is not a timber-only ranking. Ta Ann’s growth was overwhelmingly from plantations, and Jaya Tiasa is predominantly an oil-palm company. A useful comparison therefore combines aligned revenue growth, timber-specific sales and profit, cash flow, leverage and same-date valuation multiples. On the available valuation data, Ta Ann’s FY2025 trailing PE was 8.38, P/FCF 6.78 and P/S 0.95 on 27 August 2026, but equivalent calculations are still required for WTK and Jaya Tiasa before calling any stock the cheapest.
What you are actually comparing
“Malaysian timber stocks” is a market label, not a guarantee that a company earns most of its money from logs or wood products. The three Bursa Malaysia names commonly placed in this group have materially different businesses:
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- Ta Ann Holdings Berhad (TAANN, code 5012) is an integrated Sarawak timber enterprise with large plantation operations.
- WTK Holdings Berhad (WTK, code 4243) manufactures and sells veneer, plywood, sawn timber and timber logs, while also producing tapes, foil, papers and adhesive products.
- Jaya Tiasa Holdings Berhad combines wood-based operations and reforestation with a much larger oil-palm business.
A comparison must distinguish four questions that are often mixed together:
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- Which company grew total revenue fastest?
- How much of that growth came from timber rather than plantations or palm oil?
- Did profit and cash flow improve with the revenue?
- Is the share price inexpensive relative to comparable earnings, cash flow, sales and enterprise value?
Answering only the first question can produce a misleading “timber” ranking.
Reported financial snapshot
| Company | Financial year cited | Revenue | Net profit | Year-on-year revenue change | Year-end |
|---|---|---|---|---|---|
| Ta Ann | FY2025 | RM1,932.011 million | RM218.645 million | +17.1% versus FY2024 RM1,649.809 million | December |
| WTK | FY2025 | RM576.085 million | RM38.593 million | -14.3% versus FY2024 RM671.906 million | December |
| Jaya Tiasa | FY2024 | RM1,015.867 million | RM128.966 million profit after tax | Not ranked: matching prior-year figure is not stated | 30 June |
Ta Ann and WTK use December year ends in the cited figures, whereas Jaya Tiasa’s annual report covers the year ended 30 June 2024. Comparing their latest reported numbers as if they described the same 12-month period can distort both growth and valuation analysis.
Revenue-growth comparison
How to calculate the headline rate
For each company, calculate year-on-year growth as:
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Using the cited figures, Ta Ann’s calculation is (RM1,932.011m − RM1,649.809m) ÷ RM1,649.809m = approximately 17.1%. WTK’s is (RM576.085m − RM671.906m) ÷ RM671.906m = approximately −14.3%. WTK therefore had lower sales even though it returned to a profit.
Ta Ann: fastest total-revenue growth, but plantation-led
Ta Ann’s FY2025 revenue increase is the strongest reported result in this set. Its segment disclosure shows why the total should not be described as pure timber growth:
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| Ta Ann FY2025 activity | Revenue | Approximate share of total |
|---|---|---|
| Plantations | RM1,738 million | About 90.0% |
| Timber products | RM190.38 million | About 9.9% |
| Other activities | RM3.76 million | About 0.2% |
The segment amounts are rounded and sum marginally above the consolidated total, so the percentages are indicative. The investment implication is clear: a rise in Ta Ann’s consolidated sales can reflect plantation output and prices rather than stronger plywood, veneer or log demand. Timber-specific revenue should be tracked separately when the question is exposure to the timber cycle.
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WTK’s FY2025 revenue of RM576.085 million was below FY2024’s RM671.906 million. Its net result nevertheless improved from a FY2024 loss of RM43.224 million to FY2025 net profit of RM38.593 million. This is a recovery in earnings quality only if the causes are durable; a lower-revenue turnaround can result from better product mix, margins, cost control, impairment changes or other items rather than expanding demand. Read the audited income statement and notes before treating it as a growth stock.
Jaya Tiasa: growth cannot be ranked from one cited year
Jaya Tiasa reported FY2024 revenue of RM1,015.867 million and profit after tax of RM128.966 million. Because the cited annual-report period ended 30 June and a comparable prior-year revenue is not supplied here, assigning it a percentage growth rate would create false precision. Obtain the preceding audited figure and align the measurement period before placing Jaya Tiasa beside the December-year-end companies.
Use a three-year CAGR only after aligning year ends
A longer trend is usually more informative than one annual change. Calculate:
(latest revenue ÷ revenue three financial years earlier)^(1 ÷ 3) − 1
Use audited annual figures with the same financial-year convention for every company. Do not combine a June year-end with December year-ends in a three-year series unless you clearly label the mismatch or convert all observations to a trailing-twelve-month basis.
Rank #3
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Are these pure timber plays?
Ta Ann is diversified into plantations
Ta Ann’s FY2025 mix—approximately 90% plantations and 10% timber products—means its earnings sensitivity includes planted-forest yields, land and biological-asset accounting, timber prices and plantation costs. It is an integrated Sarawak operator, but “integrated” does not mean that timber products are the majority of sales.
Jaya Tiasa is primarily oil palm
Jaya Tiasa’s FY2024 revenue mix was 94.30% oil palm, 5.57% timber and 0.13% other activities. The profit split is even more important than the sales split: timber operations and reforestation recorded a RM52.303 million loss before tax, while oil palm generated RM278.875 million profit before tax. Calling Jaya Tiasa a timber pure play would therefore misstate both its revenue base and its earnings driver.
WTK has the broadest manufacturing description
WTK’s subsidiaries make and sell veneer, plywood, sawn timber and timber logs, but also tapes, foil, papers and adhesives. Its non-timber products can cushion or amplify a wood-cycle downturn, so examine segment revenue and operating profit rather than assuming every WTK sale follows log prices.
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| Measure | Ta Ann FY2025 | WTK FY2025 | Jaya Tiasa FY2024 |
|---|---|---|---|
| Net profit / profit after tax | RM218.645 million | RM38.593 million | RM128.966 million |
| Net margin | 11.32% | Not stated in the cited figures | Approximately 12.69% (calculated from cited figures) |
| ROE | 10.51% | Not stated | 8.7% |
| Operating margin | Not stated | 13.44% | Not stated |
| Operating cash flow | RM325.74 million | Not stated | Not stated |
| Free cash flow | RM270.27 million | Not stated | Not stated |
| Debt-to-capital | Net cash RM387.64 million | 31% | Not stated |
Ta Ann’s EBITDA was RM443.748 million, equivalent to roughly 23.0% of sales, and its operating cash flow exceeded net profit. Free cash flow of RM270.27 million provides a useful cross-check on the quality of reported earnings, while net cash of RM387.64 million reduces refinancing pressure compared with a similarly profitable company carrying substantial debt.
WTK’s 13.44% operating margin and 31% debt-to-capital ratio deserve attention during the turnaround. Profit recovery is more robust when it is accompanied by stable or rising revenue, operating cash flow and lower leverage; those additional WTK figures must be retrieved from the latest accounts rather than inferred from net profit alone.
Jaya Tiasa’s 8.7% ROE should be interpreted with its oil-palm concentration and loss-making timber/reforestation operations in mind. A consolidated margin can conceal a weak timber segment when a different commodity supplies almost all of the profit.
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How to compare valuation correctly
Use one market-price date
Multiples change every trading day. Choose a date, then use each company’s closing share price, diluted shares outstanding and the same earnings period. StockAnalysis, citing S&P Global Market Intelligence, reported the following for Ta Ann on 27 August 2026:
| Ta Ann FY2025 multiple | Reported value | Interpretation |
|---|---|---|
| Trailing PE | 8.38 | Market value divided by FY2025 earnings |
| Forward PE | 9.05 | Analyst-estimate based; not an audited historical result |
| Price-to-free-cash-flow | 6.78 | Price relative to free cash flow |
| Price-to-sales | 0.95 | Equity value relative to revenue |
These are dated observations, not permanent fair values. A current quote paired with stale FY2025 earnings must be labeled as a mixed-date calculation. Repeat the calculation for WTK and Jaya Tiasa on the same date and with the same share-count convention before ranking them.
Core formulas
- PE: share price ÷ earnings per share, or market capitalisation ÷ net profit.
- P/S: market capitalisation ÷ revenue.
- P/FCF: market capitalisation ÷ free cash flow. Define free cash flow consistently, normally operating cash flow less capital expenditure.
- EV/EBITDA: enterprise value (equity value plus debt minus cash) ÷ EBITDA. This is especially useful when companies have different leverage.
Use diluted shares where the annual report provides them, and keep minority interests, lease liabilities and restricted cash treatment consistent in enterprise-value calculations. If a denominator is negative or unusually depressed, say so instead of presenting a meaningless multiple.
Why a low PE may not mean “cheap”
Timber and plantation earnings are cyclical. A high-price year can make PE look temporarily low just before profits normalize. Illiquidity can widen the gap between quoted price and executable price, while debt, concession life, biological-asset assumptions or impending capital expenditure can justify a discount. Compare valuation with normalized earnings, free cash flow and balance-sheet resilience rather than using PE as a standalone buy signal.
A repeatable comparison workflow
- Set the observation date. Record the closing price for TAANN, WTK and Jaya Tiasa on the same Bursa trading day.
- Collect audited inputs. Enter at least three years of revenue, operating profit, net profit, diluted shares, operating cash flow, capital expenditure, cash and debt from each annual report.
- Align periods. Mark December and 30 June year ends. Either compare each company’s own fiscal years with an explicit caveat or convert all three to trailing-twelve-month figures.
- Calculate growth. Compute annual growth and three-year CAGR. Keep the formula and unrounded inputs in the spreadsheet so rounding does not change the ranking.
- Disaggregate operations. Create separate columns for timber products, logs, plantations, oil palm and other manufacturing. Record both revenue and segment profit or loss where disclosed.
- Test earnings quality. Compare net profit with operating cash flow and free cash flow. Investigate any recovery where revenue falls, as occurred at WTK.
- Calculate multiples. Apply the same price date, diluted share count and denominator definition to PE, EV/EBITDA, P/FCF and P/S. Flag forward estimates separately from audited results.
- Stress-test the conclusion. Recalculate using normalized margins or a lower timber-price assumption, then check whether the ranking survives.
Qualitative checks that numbers miss
- Log supply and concession life: confirm harvest schedules, planted area, concession expiry and replanting obligations. A high current harvest can reduce future volume.
- Plywood, veneer and log pricing: identify which products set margins and whether contracts are spot or fixed-price.
- Certification and sustainability: review legality documentation, certification status, reforestation commitments and customer requirements. Compliance costs can affect usable margins.
- Currency exposure: match export currencies with imported machinery, fuel and debt. A stronger or weaker ringgit can change reported profit without changing local volumes.
- Dividend policy: compare declared dividends with free cash flow, not only net profit. Plantation companies may retain cash for replanting or land development.
- Liquidity: check average daily turnover, free float and bid-ask spreads. A theoretical low multiple is less useful if an investor cannot trade near the quoted price.
- Accounting composition: separate recurring operating profit from fair-value movements, disposals, impairments and biological-asset revaluations.
Decision framework for different investors
| Investor question | Most relevant evidence | What to avoid |
|---|---|---|
| “Which had the fastest sales growth?” | Aligned year-on-year revenue and three-year CAGR | Treating Ta Ann’s plantation growth as timber-product growth |
| “Which is closest to a timber exposure?” | Timber revenue and segment profit as a share of total | Using the company label without checking segment accounts |
| “Which turnaround is credible?” | Revenue trend, operating margin, cash conversion and debt-to-capital | Assuming WTK’s return to profit proves durable growth while sales decline |
| “Which is cheapest?” | Same-date PE, EV/EBITDA, P/FCF and P/S plus normalized earnings | Comparing Ta Ann’s dated multiple with current prices for peers |
| “Which is financially defensive?” | Net cash, free cash flow, concession life and dividend coverage | Ranking on net margin alone |
Common comparison errors and fixes
Calling consolidated growth “timber growth”
Fix this by presenting the segment mix beside the consolidated revenue change. Ta Ann’s approximately 90% plantation share and Jaya Tiasa’s 94.30% oil-palm share make the distinction unavoidable.
Ignoring fiscal-year mismatch
Fix this by labeling Jaya Tiasa’s 30 June FY2024 separately from the December-year-end figures for Ta Ann and WTK, then aligning periods before calculating a peer CAGR.
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Ranking a recovery on profit alone
Fix this by checking sales, operating margin, operating cash flow and leverage. WTK’s profit improvement occurred with a revenue decline and 31% debt-to-capital.
Mixing market dates
Fix this by recording one valuation date for all stocks and refreshing prices and shares outstanding together. Ta Ann’s 8.38 PE, 6.78 P/FCF and 0.95 P/S are specifically dated 27 August 2026.
Using a single multiple as a verdict
Fix this by triangulating PE with EV/EBITDA, P/FCF and P/S, then testing whether commodity prices, cash flow or balance-sheet risk explain the discount.
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Practical conclusion
On the reported figures, Ta Ann is the clear leader in total-revenue growth and has the strongest disclosed cash and net-cash profile. Its growth is principally plantation-driven, so it should not be presented as a pure timber compounder. WTK offers a timber and wood-products manufacturing exposure with a notable FY2025 earnings recovery, but falling revenue and 31% debt-to-capital make quality checks essential. Jaya Tiasa is primarily an oil-palm business; its timber and reforestation operations were loss-making before tax in FY2024.
A defensible valuation ranking requires rebuilding PE, EV/EBITDA, P/FCF and P/S for all three companies from one market date, one share-count convention and aligned earnings periods. Until that is done, Ta Ann’s dated multiples are useful reference points—not proof that it is the cheapest Malaysian timber-related stock.
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