[%VdXe%]
Research by Kenanga
Outperform – TP RM1.81

“In a RM600m Property JV in Johor Bahru"

KIMLUN, via a 49:51 JV with a unit of SGX-listed Astaka Holdings Ltd (Astaka), is developing a RM600m premium serviced apartment project in Johor Bahru. We are positive on the latest venture which will contribute to KIMLUN’s construction and property profits. We maintain our forecasts but raise our TP by 3% to RM1.81 (from RM1.76). Maintain OUTPERFORM.

Analyst:
Teh Kian Yeong 
[%MRVG%]

$KLSE-KIMLUN
Research by Kenanga
Outperform – TP RM1.81

“In a RM600m Property JV in Johor Bahru"

KIMLUN, via a 49:51 JV with a unit of SGX-listed Astaka Holdings Ltd (Astaka), is developing a RM600m premium serviced apartment project in Johor Bahru. We are positive on the latest venture which will contribute to KIMLUN’s construction and property profits. We maintain our forecasts but raise our TP by 3% to RM1.81 (from RM1.76). Maintain OUTPERFORM.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my

$KIMLUN / 5171 (KIMLUN CORPORATION BERHAD)