We assess TILB’s overall ESG risk factors to be moderate. Its geographical exposure to just Penang has helped to limit TILB’s ESG risks relative to peers. We maintain our earnings forecasts and MYR0.81 TP (on an unchanged 0.5x FY22 PBV). Reiterate HOLD. TILB is a close proxy to the booming industrial activities at Batu Kawan.