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aws『试用账』号(www.2km.me)_Kelington to sustain growth on solid order book

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The engineering services company’s orderbook at present stands at a record-high of about RM1.2bil. (Kelington instals specialised piping, among other things. - File pic)

PETALING JAYA: Kelington Group Bhd’s earnings prospects remain positive, as growth is seen supported by its strong order book.

The engineering services company’s orderbook at present stands at a record-high of about RM1.2bil.

This optimism, according to RHB Research, has already largely been priced into the company’s share price.

Hence the brokerage said it is maintaining a “neutral” outlook on Kelington, with a target price of RM1.75.

This implied 35 times estimated earnings for the financial year ending Dec 31, 2022 (FY22), which is reflective of the still-buoyant outlook for the chip sector going into 2022.

Kelington’s shares closed one sen lower at RM1.72 last Friday.

“While we remain positive on Kelington’s earnings prospects – with a record-high order book of over RM1.2bil – its forward price-earning being at +1.5 standard deviation from the historical five-year mean suggests the upside is in the price,” it said.

It said its target price for Kelington has factored in a 4% environment, social and governance (ESG) discount.

According to RHB Research, Kelington remained hopeful of securing new hook-up jobs from China’s largest foundry, Semiconductor Manufacturing International Corp, which had earlier unveiled plans for a new plant in Shanghai.

“In Malaysia, the group will focus on executing the landmark RM420mil contract in Sarawak for Western Digital.

“We expect Kelington to sustain its margins, given management’s focus on more profitable and higher-yield contracts and improving offtakes for the industrial gas segment,” it added.

RHB Research said with the large chunk of the Kelington’s outstanding order book linked to Western Digital, general contracting works now contribute about 36% of outstanding orderbook versus 57% for ultra-high purity (UHP) and process engineering (7%).

It noted that historically, the higher-margin UHP segment contributed around 70% of order book.


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