[%QENx%] [%OVmD%] saw this idea from the first sell side coverage and thought it was an interesting one, especially when the result came out better than expected. Valuation is also still ok. 

However, just need to be cautious a little bit as it's a rly small cap and liquidity is a problem. Many who's in the know seem to already got in earlier as well. Expect some volatility but should be an interesting fundamental trade in line with Johor theme.

@wsk20 $KLSE-KIALIM saw this idea from the first sell side coverage and thought it was an interesting one, especially when the result came out better than expected. Valuation is also still ok. 

However, just need to be cautious a little bit as it's a rly small cap and liquidity is a problem. Many who's in the know seem to already got in earlier as well. Expect some volatility but should be an interesting fundamental trade in line with Johor theme.

$KLSE-KIALIM New Johor theme play?

- Kia Lim is the biggest brick manufacturer in Johor.
- Mega projects in Johor is improving the property market in the state. 
- $KLSE-UEMS and $KLSE-SUNWAY had both indicated more launches in Johor in 2024. 
 - This directly benefit building material manufacturer such as Kia Lim. More properties, more demand for bricks, higher ASP.
- Kia Lim’s FY23 revenue rose 24% to MYR36.3m, driven by higher sales volume and record-high selling prices especially from Johor property developers and contractors.
- FY23F core net profit of MYR4.9m, turned into the black from losses of MYR0.84m in FY22. 
- RHBIB recently covered the stock and suggests KiaLim beat her profit estimate for FY23. RHBIB profit estimate for FY24 is RM6.5m
- Assuming conservative RM2.5m profit per quarter and 8x PE. FV should be RM1.30 

What u guys think?