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Overview
Financial Highlight
HeadlinesBusiness Background Kelington Group Bhd is a provider of gas and chemical delivery solutions for the technology industry. The company supplies various industrial gases and specialty gases in form of portable high-pressure gas cylinders or from on-site gas generators for use in the electronics, semiconductor, food processing, and oil and gas industries. Its segments include Ultra High Purity delivery systems that ensure safe handling of delivery and distribution of gases and chemicals; Process engineering that engineers and constructs mechanical and electrical systems that support industrial processes; and General contracting works providing civil and mechanical and engineering services to clean rooms and Research and Development centres.
  Muhd Hasif Kamarudin https://www.thestar.com.my/business/business-news/2019/02/11/kelington-secures-rm93m-contract-in-singapore/ 11/02/2019 13:25  James Ng https://klse.i3investor.com/blogs/general/192917.jsp [转贴] [KELINGTON GROUP BHD：来自中国，马来西亚和新加坡的强劲订单补货，因为年初至今的新订单增加至3.72亿令吉，其中大部分来自UHP部门，订单增加至5.63亿令吉，其中3.23亿令吉仍然未入账] - James的股票投资James Share Investing 11/02/2019 15:33  paperplane Research by Affin Hwang Capital BUY (maintain); Price Target: RM1.60; Upside: +31% Chinese New Year Angpao Kelington (KGB) has announced its maiden 2019 contract win amounting to SG$31m (RM93m). The group is off to a good start to surpass the FY18 total replenishment wins of RM424m, which were a record high. The award of this contract by one of the world's largest gas companies showcases KGB’s ability and repute as a UHP player. We maintain our BUY call and target price of RM1.60. Tan Jianyuan, ACCA (603) 2146 7538 Jianyuan.tan@affinhwang.com 12/02/2019 10:43 paperplane Its a longterm thing. Get contract also need time to translate to profits 13/02/2019 06:48 Yu_and_Mee @shpg22, 0.75 is referring to the mother share or the warrant, can you please confirm? paperplane said 1.60 should be for mother share. paperplane is more famous and more accurate and more realistic. i want to see. now i consider high for me with my limited knowledge but may be not high for the rest who may know more than me on this company. 13/02/2019 11:39 Yu_and_Mee @paperplane, if i buy now do you think it's good or too high for new buying? 13/02/2019 11:39 paperplane Not too late. This stocks is most called among all invt banks. There must be something so unique! 13/02/2019 11:59 paperplane U know why they can keep winning contracts?? Their skills is unique! It got moat. Industrial gas, China is moving to tht direction in macro. Its going to be great for them, the 5yr bluesky policy. Move according to policy. Remember this, its always longterm inpact for policy investment. 13/02/2019 12:02 Bigbull99 Totally agree with paperplane. This is not an overnight company, long term steady growth kind of company. It will definitely surpass RM500mil project wins in 2019, beating their RM424mil in 2018. 13/02/2019 12:05  Huat1 At 1.24, it broke above its short-term downtrend line - bullish confirmation at above 1.26 13/02/2019 12:21 paperplane Kelington (KGRB MK, MYR1.22, Not rated): Bagged MYR93m job; prospects look good • Awarded a SGD31m contract. • Set to ride on “Made in China 2025” wave. • Trading at 12.8x consensus FY19 EPS. What’s New? Kelington’s wholly-owned subsidiary, Kelington Engineering (S) Pte Ltd, was awarded a SGD31m contract (equivalent to MYR93m) to provide turnkey construction and engineering of an Ultra High Purity (UHP) electronics special gases plant in Singapore. The contract is expected to be completed by end of 2019. This is the first contract win of the year, lifting its outstanding order book to ~MYR468m, equivalent to 1.3x of FY17 revenue, of which most of these will be recognised over the next few months. Last year, the group secured MYR424m worth of projects. Prospects look intact. The latest contract win, which is for the UHP segment, is positive as it typically carries higher profit margin. This division will continue to benefit from the growing semiconductor business in China, riding on the “Made in China 2025” wave. Last year, contributions from China accounted for 41% of its 9M18 revenue. Longer term, Kelington is trying to beef up its recurring income model, anchored by its Industrial Gases division. Beside the gas supply contract with Hanwa Q CELLS Malaysia S/B, it is understood that the construction of its liquid CO2 plant in Kerteh, Terengganu is on track to commence in 3Q19. Judging from the healthy pipeline, the street is forecasting a 29.9% 2-year EPS CAGR for FY18-20. Note that the group is also tendering for MYR1.2b worth of contracts across its key operating markets of Malaysia, Singapore, China and Taiwan. Valuation. Brokers are bullish on the stock with two Buys and a mean target price of MYR1.50. Valuation wise, the stock is trading at 12.8x consensus FY19 EPS of 9sen, lower than its 3-year historical average P/E of 16.0x. Healthy balance sheet. Note that Kelington also has a healthy balance sheet. At end-Sep 2018, the group is sitting on a net cash of ~MYR53.6m, which is approximately 16% of its current market capitalisation. 13/02/2019 14:00 Yu_and_Mee wow, SuperPanda also investing in this counter. OK, i will keep for some time and see. Both Superpanda and Paperplane are here, make me feel stronger xD 13/02/2019 15:49 paperplane KGB or shld be 15 as it is growing....Anyway,no harm accumulate some slowly 13/02/2019 21:51  m3379 Rakuten made 1st buy call on 26 November. I waited for the price to retreat to RM1 to make the buy. 13/02/2019 22:09  SuperPanda i was trading here since warrant at 30c and mother 70+.. i predict next qtr will be almost equal or slightly higher than prev...may not much hype.. it will be move further when co2 start contribute 14/02/2019 02:25 SuperPanda must be careful when you buy stock at historical high and when coming qtr not perform much better qoq and yoy but if you know what you are buying then you no need to worry 14/02/2019 14:23 GRACE1966 There is risks building up, lots of contingency and hiding cost in contracting works for overseas jobs . 14/02/2019 19:56 Veron_teo stock market actually is ponzi. the last one loss. you should take profit when it rise significantly. 15/02/2019 18:09 SuperPanda the prob is you dunno which is the last... like buying penta at 0.4 until almost 4.0.. you might say 2.0 already significant or when dufu start to rise from 1.0 until 3.0 in few mths where i lock profit at 30% but it went further up >100% gain if u hve time pls analyze co2 profit projection when it start cntribute and parallel run uht, that would be its future value 15/02/2019 20:04  Kc Teh tempted to buy, but always see the selling volume is high, but no doubt next quarter results will be very good. 16/02/2019 00:46 Kc Teh how about strong pump from 1.29-1.31 two days ago? ha.. technical wise looks good, may still uptrend. 20/02/2019 22:33 Bigbull99 ok. Lets see. Their big contract wins will immediately affect this next quarter results. Anyhow they are growing exponentially. Just hold until anything bad happens. 21/02/2019 20:15 Kc Teh this stock is weird, price at historical high, bad market sentiment, buying force still stronger than selling force. maybe too less retailer? 23/02/2019 00:28  | |
