KimLun announced that it had accepted the letter of award from Dynasty View SB, a subsidiary of United Malayan Land, for the construction of apartments and ancillary buildings in Johor Bahru. The contract sum for the project stands at RM68.3m and works are expected to be completed by Dec 2014.
BUY. Maintain our BUY call at an unchanged FV of RM2.07 based on 10x FY12 PER. We continue to like KimLun given its strong execution track record, sturdy job wins YTD, as well as its increasing presence in the Johor and Singapore region. Thus, we view it as the best small cap proxy for Malaysia’s construction sector.
BUY. Maintain our BUY call at an unchanged FV of RM2.07 based on 10x FY12 PER. We continue to like KimLun given its strong execution track record, sturdy job wins YTD, as well as its increasing presence in the Johor and Singapore region. Thus, we view it as the best small cap proxy for Malaysia’s construction sector.
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