There is no single “best” Malaysian timber stock until you separate timber from plantations and other businesses, align financial years, and calculate valuation from one market-price date. On the latest figures available, Ta Ann Holdings Berhad (Bursa code 5012) has the clearest revenue growth and the strongest disclosed cash position, but most of its sales came from plantations rather than timber products. WTK Holdings Berhad (Bursa code 4243) returned to profit while revenue fell, so its recovery needs more testing. Jaya Tiasa Holdings Berhad is primarily an oil-palm company by revenue; its timber and reforestation operations were loss-making before tax in FY2024.
This guide shows how to compare the three businesses without treating plantation earnings as timber growth or mistaking a low price-to-earnings ratio for automatic undervaluation.
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The short answer: compare business mix before ranking growth
Using the latest figures in the companies’ published materials, Ta Ann reported FY2025 revenue of RM1,932.011 million, up from RM1,649.809 million in FY2024. That is approximately 17.1% year-over-year growth. WTK reported FY2025 revenue of RM576.085 million, down from RM671.906 million, a decline of approximately 14.3%, although it moved from a RM43.224 million loss to RM38.593 million net profit. Jaya Tiasa reported FY2024 revenue of RM1,015.867 million, but the available figures do not provide a comparable prior-year number in this dataset, so a growth ranking would be incomplete.
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Those headline numbers do not describe three equivalent timber companies. Ta Ann’s FY2025 revenue comprised RM1,738 million from plantations, RM190.38 million from timber products and RM3.76 million from other activities. Jaya Tiasa’s FY2024 mix was 94.30% oil palm, 5.57% timber and 0.13% other activities. WTK manufactures and sells veneer, plywood, sawn timber and timber logs, but also sells tapes, foil, papers and adhesive products. A fair comparison therefore has two layers: total-company financial performance and the performance of timber-related operations.
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What each company actually does
Ta Ann Holdings Berhad (TAANN, Bursa code 5012)
Ta Ann is an integrated Sarawak timber enterprise with plantation operations. Its FY2025 results show why “timber stock” can be misleading: plantation revenue was roughly nine times timber-product revenue. The company still has a substantial wood-products business, but the group’s growth and earnings should be analyzed with plantation economics, not timber prices alone.
WTK Holdings Berhad (WTK, Bursa code 4243)
WTK’s subsidiaries produce and sell veneer, plywood, sawn timber and timber logs. They also manufacture or distribute tapes, foil, papers and adhesive products. This gives WTK a more directly wood-product-oriented profile than Ta Ann or Jaya Tiasa, while making product mix and industrial-material demand important to the analysis.
Jaya Tiasa Holdings Berhad
Jaya Tiasa combines wood-based operations and reforestation with oil palm. In FY2024, oil palm generated RM278.875 million profit before tax, while timber operations and reforestation recorded a RM52.303 million loss before tax. Calling it a pure timber play would therefore misrepresent both revenue and profit drivers.
Build a comparable revenue-growth series
Start with audited annual revenue, not a stock-screen headline. For each company, record the financial-year end, currency, consolidated revenue and any segment revenue that identifies timber. Then calculate:
Year-over-year growth = (current-year revenue − prior-year revenue) ÷ prior-year revenue × 100
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For a longer trend, use a three-year compound annual growth rate only when the year ends and accounting scope are aligned:
Three-year CAGR = (latest revenue ÷ revenue three years earlier)^(1/3) − 1
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| Company | Latest year and revenue | Prior year and revenue | Calculated change | What the number includes |
|---|---|---|---|---|
| Ta Ann | FY2025 (December year-end): RM1,932.011 million | FY2024: RM1,649.809 million | Approximately +17.1% | Plantations, timber products and other activities |
| WTK | FY2025 (December year-end): RM576.085 million | FY2024: RM671.906 million | Approximately −14.3% | Wood products plus tapes, foil, papers and adhesives |
| Jaya Tiasa | FY2024 (30 June year-end): RM1,015.867 million | Comparable prior-year revenue: not stated in the figures used here | Not calculable from the available figures | Oil palm, timber/reforestation and other activities |
Ta Ann’s approximately 17.1% increase is group revenue growth, not 17.1% timber growth. Jaya Tiasa’s revenue cannot be placed in a one-year growth league table without a comparable prior-year figure. Do not fill that gap with a different reporting period or a quarterly number.
Separate timber revenue from plantation and palm earnings
Use segment notes in each annual report to create a second table. The key question is not merely “which group grew?” but “which activity grew, and did it make money?”
| Company | Timber-related disclosure | Non-timber driver | Profit signal |
|---|---|---|---|
| Ta Ann | FY2025 timber products revenue: RM190.38 million | FY2025 plantations revenue: RM1,738 million | Group net profit RM218.645 million; segment profit split is not stated here |
| WTK | Veneer, plywood, sawn timber and logs | Tapes, foil, papers and adhesive products | Group returned to RM38.593 million net profit from a RM43.224 million loss |
| Jaya Tiasa | FY2024 timber and reforestation: 5.57% of revenue | Oil palm: 94.30% of revenue | Timber/reforestation loss before tax RM52.303 million; oil-palm profit before tax RM278.875 million |
Ta Ann’s disclosed segment amounts sum to approximately the reported total after rounding. The pattern is still clear: plantations supplied the overwhelming majority of FY2025 sales. Jaya Tiasa’s 94.30% oil-palm share means its consolidated revenue trend is principally an agriculture and palm-oil question. WTK’s mix is less dominated by one agricultural segment, but its industrial products mean a timber-only thesis may still miss important earnings drivers.
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Check whether a profit recovery is high quality
Revenue, operating margin, net margin, return on equity, cash flow and leverage should be reviewed together. A company can report higher profit because of cost reductions, asset gains or a loss reversal even while demand weakens.
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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitches| Measure | Ta Ann FY2025 | WTK FY2025 | Jaya Tiasa FY2024 |
|---|---|---|---|
| Revenue | RM1,932.011 million | RM576.085 million | RM1,015.867 million |
| Net profit / profit after tax | RM218.645 million | RM38.593 million; FY2024 was a RM43.224 million loss | RM128.966 million |
| Operating margin | Not stated in the cited figures | 13.44% | Not stated in the cited figures |
| Net margin | 11.32% | Approximately 6.7% when calculated from the stated revenue and net profit | Approximately 12.7% when calculated from the stated revenue and profit after tax |
| ROE | 10.51% | Not stated | 8.7% |
| Debt-to-capital | Not stated in the cited figures | 31% | Not stated |
| Operating cash flow | RM325.74 million | Not stated | Not stated |
| Free cash flow | RM270.27 million | Not stated | Not stated |
| Net cash | RM387.64 million | Not stated | Not stated |
WTK’s result is a recovery, but not a conventional growth story: revenue fell while the bottom line moved from a large loss to a profit. Examine operating costs, impairment charges, inventory movements, finance costs and one-off gains in the annual report before assuming the improvement will repeat. Its 31% debt-to-capital ratio is a relevant risk marker when testing that recovery.
Ta Ann’s operating cash flow exceeded net profit, and free cash flow was RM270.27 million in FY2025. Those figures, together with reported net cash of RM387.64 million, provide balance-sheet support for its valuation; they do not eliminate exposure to plantation cycles, timber prices or capital spending.
Use valuation ratios on one common date
Price-to-earnings and price-to-sales ratios are only comparable when the share price, share count and earnings period are consistent. A current price paired with an old annual report creates a mixed-date ratio that should be labeled, not presented as a clean peer comparison.
For every company, record the closing share price on the same date, diluted shares outstanding, the earnings period and whether earnings are reported, trailing or forecast. Then calculate:
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PE = market capitalisation ÷ net profit, or share price divided by diluted earnings per share.Price-to-sales = market capitalisation ÷ revenue.EV/EBITDA = enterprise value ÷ EBITDA, where enterprise value includes debt and other adjustments and subtracts cash.P/FCF = market capitalisation ÷ free cash flow.
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, P/FCF of 6.78 and P/S of 0.95. These are dated observations, not permanent fair values. Recalculate them for WTK and Jaya Tiasa with the same 27 August 2026 price date, the same diluted-share convention and the latest comparable earnings. If that date is no longer current when you publish or read the comparison, refresh all three companies again.
| Ratio | Ta Ann disclosed observation | WTK | Jaya Tiasa | Interpretation |
|---|---|---|---|---|
| FY2025 PE | 8.38 (dated 27 August 2026) | Not stated; calculate on the same date | Not stated; calculate using the aligned Jaya Tiasa period | Lower can reflect cyclical earnings, illiquidity or risk |
| Forward PE | 9.05 (dated 27 August 2026) | Not stated | Not stated | Depends on the forecast source and assumptions |
| P/FCF | 6.78 (dated 27 August 2026) | Not stated | Not stated | Requires sustainable, not one-off, cash flow |
| P/S | 0.95 (dated 27 August 2026) | Not stated | Not stated | Useful when margins differ, but ignores profitability |
Jaya Tiasa’s financial year ended 30 June, while the Ta Ann and WTK figures cited here use December year ends. Align the earnings window before comparing PE or P/S. If exact alignment is impossible, disclose the mismatch beside the ratio.
A repeatable comparison workflow
- Set the observation date. Choose one market date and use it for every share price, market capitalisation and share-count input.
- Map each financial year. Write the year-end date beside every revenue, profit and cash-flow figure. Do not combine Jaya Tiasa’s June year with December-year peers without a qualification.
- Enter audited consolidated figures. Capture revenue, operating profit, net profit, EBITDA, operating cash flow, capital expenditure, free cash flow, debt, cash and diluted shares.
- Calculate growth. Compute one-year growth and a three-year CAGR only after confirming comparable periods and consolidation scope.
- Split segments. Record timber revenue and profit separately from plantations, oil palm and other products. Flag a company when non-timber operations supply most revenue or earnings.
- Test recovery quality. For a company such as WTK, reconcile the profit swing to operating margin, costs, impairments, finance expense, working capital and cash flow while revenue is declining.
- Calculate valuation. Produce PE, EV/EBITDA, P/FCF and P/S with the same price date and share-count convention. Mark reported, trailing and forecast earnings separately.
- Stress-test the thesis. Ask what happens if log supply tightens, plywood or veneer prices fall, plantation yields change, the currency moves, or certification and sustainability costs rise.
- Check liquidity and shareholder returns. Review trading liquidity and dividend policy; a cheap multiple is less useful if a position is difficult to enter or exit.
- Write the conclusion by exposure. State whether the candidate is primarily a plantation, palm-oil, wood-products or diversified industrial investment rather than calling all of them pure timber plays.
Qualitative checks that ratios cannot replace
Log supply and concession life
Review the source and expected life of log supply, reforestation commitments and concession arrangements. A mill’s current margin may not represent its economics when accessible supply changes.
Product pricing and mix
Track plywood, veneer, sawn-timber and log prices separately. WTK’s product range also includes tapes, foil, papers and adhesives, so a group-level margin can move for reasons unrelated to timber.
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Check certification status, traceability requirements, regulatory compliance and the capital or operating cost needed to maintain market access. Treat these as valuation inputs rather than as a marketing label.
Currency exposure
Identify the currencies of sales, costs, debt and dividends. A weaker or stronger ringgit can alter reported revenue, margins and the value of foreign-currency obligations even when physical volumes are unchanged.
Dividends and liquidity
Compare dividend history with free cash flow and balance-sheet needs. Also examine average trading volume and bid-ask spreads; a theoretical discount may compensate investors for illiquidity rather than indicate mispricing.
Common mistakes and how to correct them
- Ranking total revenue as timber growth. Correction: show segment revenue first; Ta Ann’s plantation revenue was RM1,738 million versus RM190.38 million from timber products in FY2025.
- Calling Jaya Tiasa a timber pure play. Correction: oil palm represented 94.30% of FY2024 revenue, while timber and reforestation represented 5.57% and lost RM52.303 million before tax.
- Treating WTK’s profit return as demand growth. Correction: revenue fell from RM671.906 million to RM576.085 million; investigate the bridge from loss to profit.
- Comparing stale and current ratios. Correction: refresh prices, diluted shares and earnings periods to one date.
- Using PE alone. Correction: add P/FCF, EV/EBITDA, P/S, operating cash flow, debt-to-capital and net cash.
- Ignoring the financial-year mismatch. Correction: label Jaya Tiasa’s 30 June year-end beside December-year peers and avoid false precision.
- Assuming a low multiple is a bargain. Correction: test cyclicality, plantation or log-supply risk, leverage, liquidity and the durability of cash flow.
How to interpret the three profiles
Ta Ann: the strongest disclosed combination of revenue growth, profitability, operating cash flow and net cash in these figures, but predominantly a plantation-led group rather than a pure timber company. Its valuation should be judged against plantation earnings and timber exposure together.
WTK: the most obvious recovery case in the set because profit returned despite lower sales. That can create upside if margins and cash conversion normalize, but 31% debt-to-capital and the revenue decline require a higher evidence threshold.
Jaya Tiasa: primarily an oil-palm exposure by FY2024 revenue and profit contribution. Its timber operations and reforestation activities were loss-making before tax, so it should not rank as a timber-growth leader without a demonstrated turnaround in that segment.
A practical scorecard
For a disciplined ranking, score each company separately on the following axes rather than collapsing everything into one number:
| Axis | Question to answer | Why it matters |
|---|---|---|
| Group growth | Did consolidated revenue and profit rise on aligned years? | Shows overall momentum, not timber purity |
| Timber growth | Did timber revenue and timber profit rise? | Tests the actual timber thesis |
| Earnings quality | Are margins supported by recurring operations? | Separates durable recovery from one-offs |
| Cash generation | Do operating and free cash flow support net profit? | Funds debt service, dividends and reinvestment |
| Balance sheet | What are debt-to-capital and net cash or net debt? | Determines resilience through a down cycle |
| Valuation | Are PE, EV/EBITDA, P/FCF and P/S calculated on one date? | Prevents misleading peer rankings |
| Exposure and risk | What do plantations, oil palm, currency, certification and liquidity contribute? | Explains why similar multiples may deserve different prices |
The result should be a profile, not a simplistic winner label. A buyer seeking timber-product exposure may weigh WTK’s segment mix differently from an investor seeking cash-rich, plantation-led earnings. Someone evaluating Jaya Tiasa must decide whether the oil-palm business is the intended exposure and whether timber losses are acceptable while reforestation assets mature.
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Bottom line
Start with segment revenue, then align financial years and calculate growth from audited figures. Ta Ann’s approximately 17.1% FY2025 group-revenue growth is the strongest disclosed headline result, supported by RM325.74 million operating cash flow and RM387.64 million net cash, but plantations—not timber products—drove most sales. WTK’s return to RM38.593 million profit is worth investigating, not automatically celebrating, because revenue fell and debt-to-capital was 31%. Jaya Tiasa is overwhelmingly oil-palm by FY2024 revenue, with timber and reforestation loss-making before tax. Only after those distinctions are made should you compare PE, P/FCF, EV/EBITDA and P/S using one price date and one share-count convention.
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