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BIMB Securities upgrades Kimlun to Buy, target price RM2.20

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BIMB Securities upgrades Kimlun to Buy, target price RM2.20 Empty BIMB Securities upgrades Kimlun to Buy, target price RM2.20

Post by Cals Thu 22 Aug 2013, 09:34

BIMB Securities upgrades Kimlun to Buy, target price RM2.20
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 22 August 2013 09:29

KUALA LUMPUR (Aug 22): BIMB Securities Research has upgraded Kimlun Corporation Bhd to a Buy at RM1.97 with a target price of RM2.20 after Kimlun received a letter of award from Wealthy Growth SB, a subsidiary of IOI Properties Bhd for building CONSTRUCTION [] in Johor.

In a note Thursday, the research house said it was positive with the contract win but not surprises as it had presumed the orderbook replenishment of about RM700 million for this year.

“Hence, no change to our earnings projection.

“We maintained our Target Price at RM2.20 based on PER of 9.2x to its FY14 EPS and upgrade to Buy,” it said.
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