Kuala Lumpur Kepong (KLK) announced that it has established a 40:60 joint-venture (JV) company with industrial park specialist AME Elite to make an inroad into industrial property development in Ijok, Selangor with a net development area of 151.2 acres. Under the deal, KLK is expected to recognize a lucrative one-off gain of more than RM200m from the land disposal. We deem the collaboration a synergistic move for both parties, as they can ride on each other's strengths to unlock the asset value. It also helps to broaden its property contribution. Separately, the 4QFY24 results are expected to be released on 26th Nov 2024. Maintain Neutral with an unchanged SOP-based TP of RM21.33.
Source: PublicInvest Research - 1 Nov 2024
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