Kia Lim Berhad

Notice of Person Ceasing (Section 139 of CA 2016) - MADAM GOH MAY LEE

Change in Boardroom - MRS NG HWE CHENG

General Meetings: Notice of Meeting

Annual Report & CG Report - 2023

Change in Boardroom - MR NG CHIN KANG

Change in Boardroom - DATUK NG YENG KENG @ NG KA HIAT

@wsk20 $KIALIM / 6211 (KIA LIM BERHAD) saw this idea from the first sell side coverage and thought it was an interesting one, especially when the result came out better than expected. Valuation is also still ok.

However, just need to be cautious a little bit as it's a rly small cap and liquidity is a problem. Many who's in the know seem to already got in earlier as well. Expect some volatility but should be an interesting fundamental trade in line with Johor theme.

$KIALIM / 6211 (KIA LIM BERHAD) New Johor theme play?

- Kia Lim is the biggest brick manufacturer in Johor.
- Mega projects in Johor is improving the property market in the state.
- $UEMS / 5148 (UEM SUNRISE BERHAD) and $SUNWAY / 5211 (SUNWAY BERHAD) had both indicated more launches in Johor in 2024.
- This directly benefit building material manufacturer such as Kia Lim. More properties, more demand for bricks, higher ASP.
- Kia Lim’s FY23 revenue rose 24% to MYR36.3m, driven by higher sales volume and record-high selling prices especially from Johor property developers and contractors.
- FY23F core net profit of MYR4.9m, turned into the black from losses of MYR0.84m in FY22.
- RHBIB recently covered the stock and suggests KiaLim beat her profit estimate for FY23. RHBIB profit estimate for FY24 is RM6.5m
- Assuming conservative RM2.5m profit per quarter and 8x PE. FV should be RM1.30

What u guys think?

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

$KIALIM / 6211 (KIA LIM BERHAD)
Research by RHB
Not Rated - FV of MYR1.05

"Bricklaying For The Development Of Johor"

MYR1.05 FV based on 10x FY24F P/E. Kia Lim is at the forefront of capitalising on Johor's booming property market, driven by major infrastructure projects such as the Johor Bahru-Singapore Rapid Transit System (RTS) and key economic zones. It is benefiting from Johor's strong demand for bricks, while also transitioning to higher-margin operations amidst industry consolidation, record selling prices, and taking advantage of a strong SGD. Its commitment to sustainability via energy-efficient bricks makes it a compelling investment, on top of its attractive 5.7x FY24F P/E.

Analyst(s):
Queenie Tan
queenie.tan@rhbgroup.com

$KIALIM / 6211 (KIA LIM BERHAD) rhb issue one report today straightaway letup power Queenie @RHBTradeSmartMY

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

General Meetings: Outcome of Meeting

Quarterly rpt on consolidated results for the financial period ended 31/03/2023

Annual Report & CG Report - 2022

General Meetings: Notice of Meeting

Change in Audit Committee - MR VINCENT WONG SOON CHOY

Change in Risk Committee - MR VINCENT WONG SOON CHOY

Change in Boardroom - MR VINCENT WONG SOON CHOY

Change in Remuneration Committee - MR CHUA SYER CIN

Change in Nomination Committee - MR CHUA SYER CIN

Change in Boardroom - MR LOH CHEE KAN

Change in Risk Committee - MR CHUA SYER CIN

Change in Audit Committee - MR CHUA SYER CIN

Change in Boardroom - MR CHUA SYER CIN

Change in Remuneration Committee - MR VINCENT WONG SOON CHOY

Change in Nomination Committee - MR VINCENT WONG SOON CHOY

Quarterly rpt on consolidated results for the financial period ended 31/12/2022

Quarterly rpt on consolidated results for the financial period ended 30/09/2022