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

“On a roll"

Kimlun announced a contract win worth RM234.3m, taking its construction wins YTD to RM1.05bn. Total unbilled orders including precast now stands at RM3.16bn (vs previous high of RM2.3bn). Based on its tenderbook of RM2bn, we now see upside risks to our newly revised construction win assumption. New property launches could contribute in FY25. No change to forecasts. Maintain BUY with unchanged TP of RM1.72 pegged to 11x P/E multiple (40% discount to KLCON).

Analyst:
Edwin Woo, CFA
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$KLSE-KIMLUN
Research by HLIB
Buy – TP RM1.72

“On a roll"

Kimlun announced a contract win worth RM234.3m, taking its construction wins YTD to RM1.05bn. Total unbilled orders including precast now stands at RM3.16bn (vs previous high of RM2.3bn). Based on its tenderbook of RM2bn, we now see upside risks to our newly revised construction win assumption. New property launches could contribute in FY25. No change to forecasts. Maintain BUY with unchanged 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)