[%GBYi%] 
Research by Kenanga
Outperform - TP RM1.69

"1HFY24 Results Disappoints"

KIMLUN’s 1HFY24 results missed expectations as it turned loss-making in 2QFY24 given high operating costs while its topline did not grow big enough to cover its costs. Having said that, it is poised to benefit from a new wave of public infrastructure projects. We cut our FY24-FY25f forecasts by 49-21% and TP by 6% to RM1.69. It remains an OUTPERFORM.

Analyst:
Teh Kian Yeong 
[%WoSW%]

$KLSE-KIMLUN 
Research by Kenanga
Outperform - TP RM1.69

"1HFY24 Results Disappoints"

KIMLUN’s 1HFY24 results missed expectations as it turned loss-making in 2QFY24 given high operating costs while its topline did not grow big enough to cover its costs. Having said that, it is poised to benefit from a new wave of public infrastructure projects. We cut our FY24-FY25f forecasts by 49-21% and TP by 6% to RM1.69. It remains an OUTPERFORM.

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

$KIMLUN / 5171 (KIMLUN CORPORATION BERHAD)