News by Surin%20Murugiah

Hong Leong Investment Bank (HLIB) said Kimlun Corp Bhd’s earnings is primed for promising prospects in FY2024-25, underpinned by an unbilled orderbook of RM2.48 billion (3.0x cover on FY2023 revenue and the highest achieved since FY2018), with 85% dedicated to construction and the remaining to precast manufacturing.

Research analysts covering IGB Real Estate Investment Trust (IGB REIT) remained sanguine on the stock’s prospects after it reported a 4.79% jump in its net property income (NPI) for the first quarter ended March 31, 2024 (1QFY2024) to RM124.24 million, from RM118.55 million a year earlier, thanks largely to higher rental income.

The Sabah-based integrated property developer said the IPO comprises a public issue of 160 million new shares and an offer for sale of 45 million existing shares, representing 20% and 5.6% of the enlarged share capital of KTI respectively.

Kumpulan Kitacon Bhd has secured a letter of award (LOA) of main building works for a contract worth RM134.8 million in Ijok, Selangor.

RHB Investment Bank (RHB IB) has maintained its “overweight” rating on the property sector and said it expects the sector to continue to be driven by: i) positive news flow on potential infrastructure projects; ii) active land transactions and iii) influx of investments, especially in the data centre, green energy and manufacturing sectors.

“We expect the rising momentum to steer the stock to trend higher and test the next level of resistance of 67.5 sen (R1), followed by 74 sen (R2)."

Apex Securities Bhd has initiated coverage on Matrix Concepts Holdings Bhd with a “buy” rating at RM1.82 and target price of RM2.14, based on a discount rate of 20% to the research house's revalued net asset value (RNAV).

Hong Leong Investment Bank (HLIB) has maintained its “overweight” rating on the construction sector and said first quarter of 2024 (1Q2024) domestic contract awards totalled RM6.96 billion, which is up 45% quarter on quarter (q-o-q) but down 3% year-on-year (y-o-y).

RHB Retail Research said Bina Darulaman Bhd is poised to resume its uptrend after Wednesday’s retreat from the recent breakout — maintaining above the rising 21-day simple moving average (SMA) line.

Kenanga Research has maintained its “underperform” rating on Star Media Group Bhd at 42 sen with an unchanged target price of 31 sen and said Star Media is pivoting towards real estate and offering niche weekly publications.