[%DJfw%]
Research by HLIB
Buy – TP RM1.72

“Leading indicators are positive"
 
Kimlun’s 1QFY24 core PATAMI missed our & consensus expectations due to gap between new and old projects. FY24 is guided to be a backloaded year. On the brighter side, estimated total new orders stands at RM926m with total unbilled orderbook roughly at ~RM2.9bn (vs previous historical high of RM2.3bn). New property launches could contribute in FY25. Change FY24f/25f/26f core PATAMI forecasts by -11.2%/+2.3%/7.9%. Maintain BUY with higher TP of RM1.72 pegged to 11x P/E multiple (40% discount to KLCON).

Analyst:
Edwin Woo, CFA
[%WEPp%]

$KLSE-KIMLUN
Research by HLIB
Buy – TP RM1.72

“Leading indicators are positive"
 
Kimlun’s 1QFY24 core PATAMI missed our & consensus expectations due to gap between new and old projects. FY24 is guided to be a backloaded year. On the brighter side, estimated total new orders stands at RM926m with total unbilled orderbook roughly at ~RM2.9bn (vs previous historical high of RM2.3bn). New property launches could contribute in FY25. Change FY24f/25f/26f core PATAMI forecasts by -11.2%/+2.3%/7.9%. Maintain BUY with higher TP of RM1.72 pegged to 11x P/E multiple (40% discount to KLCON).

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my

$KIMLUN / 5171 (KIMLUN CORPORATION BERHAD)