Kerjaya Prospek Group (KPGB) was awarded a building job worth RM135.4m, ahead of the release of 4QFY22 results, (which is scheduled to be released on Feb 24), from BBCC Development SB, a joint venture company set up by Employees Provident Fund, UDA Holdings and Eco World Development Group. The job scope involves construction of a main building for a proposed development project located at Jalan Hang Tuah / Jalan Pudu, Kuala Lumpur. With this job win, the Group’s outstanding orderbook rose by 3.2% to RM4.3bn. Nonetheless, we are leaving our forecasts unchanged as this makes up part of our FY23 orderbook replenishment assumption of RM1bn. This job represents the first win in FY23. Assuming a low teen profit margin, the job is expected to contribute 2.7% to the Group during the contracted period of 36 months. Our Outperform rating and TP of RM1.69 is affirmed.
Source: PublicInvest Research - 3 Feb 2023
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Created by PublicInvest | Apr 22, 2024