[%Iqhj%] 
Research by RHB
Not Rated - FV of MYR1.05

"Bricklaying For The Development Of Johor"

MYR1.05 FV based on 10x FY24F P/E. Kia Lim is at the forefront of capitalising on Johor's booming property market, driven by major infrastructure projects such as the Johor Bahru-Singapore Rapid Transit System (RTS) and key economic zones. It is benefiting from Johor's strong demand for bricks, while also transitioning to higher-margin operations amidst industry consolidation, record selling prices, and taking advantage of a strong SGD. Its commitment to sustainability via energy-efficient bricks makes it a compelling investment, on top of its attractive 5.7x FY24F P/E.

Analyst(s):
Queenie Tan
[%PQFD%]

$KLSE-KIALIM 
Research by RHB
Not Rated - FV of MYR1.05

"Bricklaying For The Development Of Johor"

MYR1.05 FV based on 10x FY24F P/E. Kia Lim is at the forefront of capitalising on Johor's booming property market, driven by major infrastructure projects such as the Johor Bahru-Singapore Rapid Transit System (RTS) and key economic zones. It is benefiting from Johor's strong demand for bricks, while also transitioning to higher-margin operations amidst industry consolidation, record selling prices, and taking advantage of a strong SGD. Its commitment to sustainability via energy-efficient bricks makes it a compelling investment, on top of its attractive 5.7x FY24F P/E.

Analyst(s):
Queenie Tan
queenie.tan@rhbgroup.com