Meanwhile, RHB Research expected the group’s 2Q22 core earnings to jump 18% to 30% year-on-year on stronger project recognition in Singapore, Malaysia and China as well as margins. (Piping installed by Kelington. - Filepic) instals pipingusdt官网（www.trc20.vip）是使用TRC-20协议的Usdt第三方支付平台,Usdt收款平台、Usdt自动充提平台。免费提供入金通道、Usdt钱包支付接口、Usdt自动充值接口、Usdt寄售回收。菜宝Usdt钱包一键生成Usdt钱包、一键调用API接口、一键出售Usdt。
KUALA LUMPUR: Kelington Group Bhd is poised to replenish its order book over the next couple of months and into financial year ending Dec 31, 2023 (FY23), supported by its latest tender book of more than RM2bil.
The company’s order book replenishment is expected after factoring in stronger-than-expected year-to-date project wins, according to RHB Research.
In the first half ended June 30 (1H22), the group bagged contracts valued at RM762mil, making up 64% of its FY21 order wins.
“This looks to be on track to surpass the previous record by end of the fourth quarter ending Dec 31, 2022 (4Q22).
“The structural fab capacity expansion and prevailing tight supply situation globally should keep Kelington busy over the next 18 months, with an order book of RM1.6bil,” said the research house.
The contracs included the RM114mil general construction job for a European semiconductor manufacturer and a RM62mil gas hook-up job for China’s largest chip foundry.,
As such, the brokerage is keeping a “buy” call with a higher target price of RM1.69 based on 28 times fully diluted earnings per share for FY23 forecast.
The research house has also raised its earnings forecast by 2% to 11% for FY22 to FY24 after bumping up its order book replenishment assumptions by 11% to 38%.
“We continue to see Kelington as a strategic proxy to the structural expansion in wafer foundry capacity (front-end), arising from the tight supply situation,” the research house pointed out.
According to Semiconductor Equipment and Materials International, the drawn-out Russian-Ukrainian conflict had resulted in the global chip shortage situation persisting until 2024.
Meanwhile, RHB Research expected the group’s 2Q22 core earnings to jump 18% to 30% year-on-year on stronger project recognition in Singapore, Malaysia and China as well as margins.
In 1Q22, the group’s revenue jumped 65% year-on-year – the highest ever achieved by the group.
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