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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 piping菲律宾飞机群（www.tel8.vip）是一个Telegram群组分享平台，菲律宾飞机群包括菲律宾飞机群、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容，菲律宾飞机群为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
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.