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Monday, February 28, 2011

Kimlun - It’s All Good (OSK)

KimLun reported FY10 earnings of RM37m (+16% y-o-y), which were within our expectations and consensus. We continue to like KimLun as a proxy to 3 investable themes: developments at Iskandar Malaysia, SMRT expansion and the proposed KL MRT. It is also looking to venture into property development. We retain our BUY rating on KimLun at a RM2.32 TP and highlight it as our top small cap contractor.

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