[%BDoP%]
Research by RHB
Buy (Maintained) – TP of MYR2.02

“A Proxy To Sarawak’s Water Play; Maintain BUY”

Maintain BUY and MYR2.02 TP, 15% upside with c.4% FY24F yield. According to the Sarawak Premier Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Zohari Tun Openg, Sarawak requires an expenditure of MYR1.1bn to upgrade the state’s entire water pipeline system, which would span roughly 2,740km. We are upbeat on this development, as KKB Engineering had previously been involved in water supply-related projects in Sarawak.

Analyst(s):
Adam Bin Mohamed Rahim 
[%FcsW%]

$KLSE-KKB
Research by RHB
Buy (Maintained) – TP of MYR2.02

“A Proxy To Sarawak’s Water Play; Maintain BUY”

Maintain BUY and MYR2.02 TP, 15% upside with c.4% FY24F yield. According to the Sarawak Premier Tan Sri Datuk Patinggi Abang Haji Abdul Rahman Zohari Tun Openg, Sarawak requires an expenditure of MYR1.1bn to upgrade the state’s entire water pipeline system, which would span roughly 2,740km. We are upbeat on this development, as KKB Engineering had previously been involved in water supply-related projects in Sarawak.

Analyst(s):
Adam Bin Mohamed Rahim 
adam.mohamed.rahim@rhbgroup.com