[%RQxb%] 
Research by RHB
Buy – TP of MYR 2.11

“A Temporary Blip But Still a Sarawakian Jewel; BUY” 

1Q24 core profit of MYR3.5m (+14% YoY) missed our and Street’s estimates – making up 10% of both full-year projections – due to higher-than-expected portion of non-controlling interests (NCIs). Nevertheless, we expect better contributions in the coming quarters to bring overall FY24F earnings growth to 10%, as projects such as the Rosmari & Marjoram (R&M) onshore gas plant in Bintulu project move higher along the S-curve. We still see KKB Engineering as a jewel for its prowess in Sarawak-centric jobs.

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

$KLSE-KKB 
Research by RHB
Buy – TP of MYR 2.11

“A Temporary Blip But Still a Sarawakian Jewel; BUY” 

1Q24 core profit of MYR3.5m (+14% YoY) missed our and Street’s estimates – making up 10% of both full-year projections – due to higher-than-expected portion of non-controlling interests (NCIs). Nevertheless, we expect better contributions in the coming quarters to bring overall FY24F earnings growth to 10%, as projects such as the Rosmari & Marjoram (R&M) onshore gas plant in Bintulu project move higher along the S-curve. We still see KKB Engineering as a jewel for its prowess in Sarawak-centric jobs.

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