To : All

From : SEE _Research

Issued at
11.00 pm., 27 April 2024 / Saturday

K G B / 0151

A. There is a comprehensive write up on Star Biz Week __ 27 April 2024
Page 3
Page 5

with heading ___
Technology

Kelington to reap the benefits of a diversified business strategy / page 3


Key points are
Kelington Group Berhad is poised to ride the tailwinds of an anticipated semiconductor recovery in 2024

It operates under four core business divisions
A. Ultra - high purity ( UHP )
B. Process engineering
C. General contracting
D. Industrial gases

The group has a strong presence in Malaysia / H Q

China , Singapore.

Its geographical footprint stretches further to include
Australia
Philippines
Indonesia
Fiji
New Zealand

With new offices in Hong Kong and Germany

Hong Kong will lean towards new plants involved in semiconductor research and development/ R & D

Germany represents a strategic entry point to penetrate the
European Union market.

Kelington Engineering ( Germany ) GmbH __ incorporated and established

Kelington Engineering ( HK ) Ltd
incorporated and established


Good signal as
Raymond Gan Hung Keng
( M D ) reveal that
Kelington Engineering ( Germany ) GmbH is tendering for a job related to automotive power chips in Germany

Kelington Engineering ( Germany ) GmbH is tendering for a job related to automotive power chips in Germany

Kelington Engineering ( Germany ) GmbH is tendering for a job related to automotive power chips in Germany

Once it manages to receive such award / s __
will signal the bullish run up on its share prices



Page 5

Kelington maintains earnings visibility with order book of RM 1.3 billion as at December 2023 .

The last two to three years ; its order book has been averaging at around
RM 1.2 billion and the group intends to maintain those levels going forward.

Kelington has recently commenced operations at its new LCO 2 plant in Kerteh , Terengganu __
capacity
70 , 000 tonnes per 1 year.

Total production capacity of LCO2 to
120, 000 tonnes per 1 year .

The business of LCO2 has been very good as the first LCO2 Plant has reached 100 % - capacity utilisation rate .

The shortage of LCO2 in Asia and Oceania countries to persist __
over the next two to three years ,
Will be to ramp up the full capacity of our second plant __ once 90 % of total utilisation, we shall consider to construct of a third plant as we had acquired a vacant land from the Terengganu state government that is adjacent to our first LCO2 PLANT.

The land size is big to provide for additional LCO 2 __ two additional plants as and when the need arises.

Kelington Group Berhad __ net profit rise 84 % to
RM 102 . 65 millions for the financial year ended December 31 , 2023 __ as compared to its previous year of
RM 55.75 millions .

EPS increases to 15.94 cents
from 8.67 cents __
with growth of revenues.

Dividend pay out for 2023 _
of four / 4 cents

Dividend pay out for 2022 __ of two .five / 2.5 cents

To : All

From : SEE _Research

Issued at
11.00 pm., 27 April 2024 / Saturday

K G B / 0151

A. There is a comprehensive write up on Star Biz Week __ 27 April 2024
Page 3
Page 5

with heading ___
Technology

Kelington to reap the benefits of a diversified business strategy / page 3


Key points are
Kelington Group Berhad is poised to ride the tailwinds of an anticipated semiconductor recovery in 2024

It operates under four core business divisions
A. Ultra - high purity ( UHP )
B. Process engineering
C. General contracting
D. Industrial gases

The group has a strong presence in Malaysia / H Q

China , Singapore.

Its geographical footprint stretches further to include
Australia
Philippines
Indonesia
Fiji
New Zealand

With new offices in Hong Kong and Germany

Hong Kong will lean towards new plants involved in semiconductor research and development/ R & D

Germany represents a strategic entry point to penetrate the
European Union market.

Kelington Engineering ( Germany ) GmbH __ incorporated and established

Kelington Engineering ( HK ) Ltd
incorporated and established


Good signal as
Raymond Gan Hung Keng
( M D ) reveal that
Kelington Engineering ( Germany ) GmbH is tendering for a job related to automotive power chips in Germany

Kelington Engineering ( Germany ) GmbH is tendering for a job related to automotive power chips in Germany

Kelington Engineering ( Germany ) GmbH is tendering for a job related to automotive power chips in Germany

Once it manages to receive such award / s __
will signal the bullish run up on its share prices



Page 5

Kelington maintains earnings visibility with order book of RM 1.3 billion as at December 2023 .

The last two to three years ; its order book has been averaging at around
RM 1.2 billion and the group intends to maintain those levels going forward.

Kelington has recently commenced operations at its new LCO 2 plant in Kerteh , Terengganu __
capacity
70 , 000 tonnes per 1 year.

Total production capacity of LCO2 to
120, 000 tonnes per 1 year .

The business of LCO2 has been very good as the first LCO2 Plant has reached 100 % - capacity utilisation rate .

The shortage of LCO2 in Asia and Oceania countries to persist __
over the next two to three years ,
Will be to ramp up the full capacity of our second plant __ once 90 % of total utilisation, we shall consider to construct of a third plant as we had acquired a vacant land from the Terengganu state government that is adjacent to our first LCO2 PLANT.

The land size is big to provide for additional LCO 2 __ two additional plants as and when the need arises.

Kelington Group Berhad __ net profit rise 84 % to
RM 102 . 65 millions for the financial year ended December 31 , 2023 __ as compared to its previous year of
RM 55.75 millions .

EPS increases to 15.94 cents
from 8.67 cents __
with growth of revenues.

Dividend pay out for 2023 _
of four / 4 cents

Dividend pay out for 2022 __ of two .five / 2.5 cents

To : All

From : SEE _Research
issued on 11.55 am. , 10 April 2024 / Wednesday ___
first day of Hari Raya holidays ___

K G B / mother share / 0151

on its techical chart and analysis
as per 9 April 2024 __Tuesday
before Hari Raya holidays

Commentary

A. Basing on the daily chart of 9 April 2024 __
K G B __ mother share has been trading above its uptrending mode of
20 days simple moving average that is healthy and exhibit a good technical sign.

B. However , the upwards movement has encountered the first resistance level of RM 2.76 .

C. Traders will need to pay special attention on its price actions and volume behaviour in order to determine on this first resistance at RM2.76 can be broken decisively to challenge on its current peak __
2nd resistance at RM 2.80 and

close up with sheer determination above RM 2.81 ___on its way for the coming trading days to the
psychological resistance of RM 3.00 .

D. Very likely from this chart ,
it will take up another 17 trading days___ starting from
5 April 2024 to
3 May 2024

to reach its upper trajectory level of
RM 3.12 at around 3 May 2024

E. Let wait for another
17 trading days __ to witness whether the technical chart and analysis __ will reflect its good behavioural pattern with its determined __ positive efforts .

To : All

From : SEE _Research
issued on 11.55 am. , 10 April 2024 / Wednesday ___
first day of Hari Raya holidays ___

K G B / mother share / 0151

on its techical chart and analysis
as per 9 April 2024 __Tuesday
before Hari Raya holidays

Commentary

A. Basing on the daily chart of 9 April 2024 __
K G B __ mother share has been trading above its uptrending mode of
20 days simple moving average that is healthy and exhibit a good technical sign.

B. However , the upwards movement has encountered the first resistance level of RM 2.76 .

C. Traders will need to pay special attention on its price actions and volume behaviour in order to determine on this first resistance at RM2.76 can be broken decisively to challenge on its current peak __
2nd resistance at RM 2.80 and

close up with sheer determination above RM 2.81 ___on its way for the coming trading days to the
psychological resistance of RM 3.00 .

D. Very likely from this chart ,
it will take up another 17 trading days___ starting from
5 April 2024 to
3 May 2024

to reach its upper trajectory level of
RM 3.12 at around 3 May 2024

E. Let wait for another
17 trading days __ to witness whether the technical chart and analysis __ will reflect its good behavioural pattern with its determined __ positive efforts .

To : All

From : SEE _Research
issued on __ first issue on RGB
5.20 pm. , 5 April 2024 / Friday

second re issued on
10.00 am., 6 April 2024 / Saturday


R G B / 0037

Technical buy on coming days from
8 April 2024 / Monday onwards

A. As at today / 5 April 2024 ___
good closing at RM 0.34 / + RM 0.02

B. It exhibits technically a positive__
strong breakout for momemtum to move higher and it needs to stay above RM 0.34 in order to move up for very strong resistance levels at ___

RM 0.425 / 21 August 2023
RM 0.425 / 22 August 2023
RM 0.43 / 24 August 2023

CANNOT CROSS AT THE RM 0.425
TO EXIT IMMEDIATELY FOR GAINS .

Remarks
This stock will offer some
* green * ____ Ang Pow s of minimum 10 % gain
before Hari Raya holidays ___
10 , 11 April 2024 ! !! !!!

To : All

From : SEE _Research
issued on
5.20 pm. , 5 April 2024 / Friday

R G B / 0037

A. As at today / 5 April 2024 ___
good closing at RM 0.34 / + RM 0.02

B. It exhibits technically a positive breakout for momemtum to move higher and it needs to stay above RM 0.34 in order to move up for very strong resistance levels at ___
RM 0.425 / 21 August 2023
RM 0.425 / 22 August 2023
RM 0.43 / 24 August 2023

CANNOT CROSS AT THE RM 0.425
TO EXIT IMMEDIATELY FOR GAINS .

Company Name

KELINGTON GROUP BERHAD
Stock Name KGB
Date Announced 27 Apr 2023

Category General Announcement for PLC
Reference Number
GA1-27042023-00034
OTHERS KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") - AWARD OF CONTRACTS WORTH APPROXIMATELY RM102 MILLIONType Announcement

Subject OTHERS

Description

KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") - AWARD OF CONTRACTS WORTH APPROXIMATELY RM102 MILLION

This announcement is dated
27 April 2023.


==============================================================

BREAKING NEWS

BREAKING NEWS

BREAKING NEWS

To : All

From : SEE _Research
Issued on 8.00am., 25 March 2024 / Monday

1. The above is the recent
KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") - AWARD OF CONTRACTS WORTH APPROXIMATELY RM102 MILLION

This announcement is dated
27 April 2023


2. From the prices of upwards movements ___ the important catalyst after the ex dividend of RM 0.025 per share is ex on 21 March 2024 __

Other important catalysts are very likely to be announced ___
very soon
( a ) new contract win/s and award/ s of substantial sum __ for near future announcements.

( b ) new announcements of bonus issue __ with free warrant __ WC !

THESE IMPORTANT CATALYST/ S WILL CREATE THE GREAT POWER OF
* FAST & FURIOUS * MODE LIKE

Breakout Star
Sha ' Carri Richardson of 10.65 seconds for 100 metres at Budapest 2023

==============================================================

https://www.youtube.com/watch?v=C7UvUpDEOa0https://www.youtube.com/watch?v=C7UvUpDEOa0

==============================================================

Breakout out star of KLSE
for 2024 , 2025 , 2026

K G B / 0151

AND THE MOTHER SHARE WILL CROSS THE PSYCHOLOGICAL LEVEL
OF RM 3.00 ___

WITH WONDERFUL BUT POSITIVE SURPRISES ! ?

Company Name

KELINGTON GROUP BERHAD

Stock Name KGB

Date Announced 27 Apr 2023

Category
General Announcement for PLC
Reference Number GA1-27042023-00034
OTHERS KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") - AWARD OF CONTRACTS WORTH APPROXIMATELY RM102 MILLIONType Announcement

Subject OTHERS

Description

KELINGTON GROUP BERHAD ("KELINGTON" OR "THE COMPANY") - AWARD OF CONTRACTS WORTH APPROXIMATELY RM102 MILLION

The Board of Directors of the Company is pleased to announce that Kelington Engineering (Singapore) Pte. Ltd.,

a wholly-owned subsidiary of Kelington had on 26 April 2023,

received award of Ultra High Purity ("UHP") contracts to design and build the chemical delivery system as well as to design and install of process utility main line and hookups in Singapore (“Contracts”).

The Contracts were awarded by a global leader in high-tech filtration, separation and purification.


================================================================

This is Kelington’s first contract to supply a fully customised chemical delivery system to customer.


This is Kelington’s first contract to supply a fully customised chemical delivery system to customer.

================================================================


In addition, the UHP equipment for this project will be fabricated and supplied by the Group’s wholly-owned indirect subsidiary, KE System Integration (Chuzhou) Co., Ltd in China.

This demonstrates that the Company’s in-house fabricated equipment is recognised and certified for use in an advanced production facility.

The Contracts value are worth approximately RM102 million, commencing in April 2023 and are expected to be completed by March 2024.

The Contracts are expected to contribute positively to the earnings and net assets of Kelington for the financial years ending 31 December 2023 and 31 December 2024 respectively. None of the Directors and/or major shareholders of the Company and/or persons connected to them has any direct/indirect interest in the said Contracts.
Other than the normal operational risk associated with the Contracts, the Company does not anticipate any exceptional risk.

This announcement is dated
27 April 2023.

To : All

From : SEE _Research

issued at
( a ) 5.30 pm., 11 March 2024 / Monday

( b ) reissued on 11.59 am., 23 March 2024 / Saturday

Expected WB

( i ) first target RM 1.35 to RM 1.40
Reached on 21/ 3 / 2024 / Thursday

( ii ) second target RM 1.55 to RM 1.60

Extract from AmBank Retail Research

* STOCK IDEA*

11 Mar 2024
AmBank Retail Research

*KELINGTON GROUP* (KGB | 0151)
Shariah Compliant: YES

Entry : RM2.40–2.47

Target :

( i ) RM2.80, / mother share
WB : RM 1.35 to RM 1.40


( ii ) RM3.00 / mother share
WB RM 1.55 to RM 1.60



Exit : RM2.23

*Company Background.*

Kelington Group (KGB) is a leading provider of ultra-high purity gas and chemical delivery solutions for high-technology industry.

It is also a one-stop facility solution provider offering turnkey engineering services from initial system design to maintenance and servicing upon completion.

The group operates within

4 core business segments:

(i) ultra-high purity (UHP),

(ii) process engineering,

(iii) general contracting, and

(iv) industrial gases.


KGB's industrial gas operation primarily provides on-site gas supply and manufactures liquid carbon dioxide (LCO2).

========================================================================================

K G B /
Kelington Group Berhad

This company presents a step forward in making investment opportunities more inclusive and reflects a broader trend towards financial literacy and empowerment among Malaysians.

For those looking to invest, it offers a unique blend of stability, growth potential, and investment engagement, making it an attractive proposition for anyone looking to diversify their investment portfolio with a touch of homegrown success of supplier of various types of industrial gasses for the usage of semi conductor industry .

The semi conductor industry in the world has begun to recover from the 2023 slow down to more progressive ,
positive growth mode.

K G B is serious in their growth plan by penetrating positively in new markets___
by setting up physical offices in
Hong Kong and Germany

that are more lucrative markets
of Hong Kong,
Germany and across to Indonesia.

Keep on extending new boundaries of your market share
in the respective gas businesses .

A home - grown business in KLSE ___
that can progressively be in the international scene .

RHB-OSK. TP: RM3.03

Affin Hwang TP: RM3.25

Kenanga TP.: RM3.40

K G B / 0151

the key clients are

(i) S M I C Semiconductor Manufacturing International Corporation

(SMIC) is a partially state-owned publicly listed Chinese pure-play semiconductor foundry company.

It is the largest contract chip maker in mainland China.

SMIC is headquartered in Shanghai[4] and incorporated in the Cayman Islands.[5] It has wafer fabrication sites throughout mainland China, offices in the United States, Italy, Japan, and Taiwan, and a representative office in Hong Kong.[6] It provides integrated circuit (IC) manufacturing services from 350 nm to 7 nm[7] process technologies.

State-owned civilian and military telecommunications equipment provider Datang Telecom Group as well as the China Integrated Circuit Industry Investment Fund are major shareholders of SMIC.[8][9][10][11] Notable customers include Huawei, Qualcomm,[12][13] Broadcom,[14] and Texas Instruments.[15][12] SMIC expanded in the early 2020s by building four 28 nm process fabs across China as a result of a joint venture with China's state semiconductor fund; the fabs were expected to come online in 2023 and 2024.[16]

(ii) Taiwan Semiconductor Manufacturing Company Limited (TSMC;

also called Taiwan Semiconductor)

[3][4] is a Taiwanese multinational semiconductor contract manufacturing and design company. It is the world's second most valuable semiconductor company,[5] the world's largest dedicated independent ("pure-play") semiconductor foundry,[6] and its country's largest company,[7][8] with headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan.

It is majority owned by foreign investors,[9] and the central government of Taiwan is the largest shareholder.[10]

Founded in Taiwan in 1987 by Morris Chang, TSMC was the world's first dedicated semiconductor foundry and has long been the leading company in its field.[11][12] When Chang retired in 2018, after 31 years of TSMC leadership, Mark Liu became chairman and C. C. Wei became Chief Executive.

[13][14] It has been listed on the Taiwan Stock Exchange (TWSE: 2330) since 1993; in 1997 it became the first Taiwanese company to be listed on the New York Stock Exchange (NYSE: TSM)

( iv) MICRON,
Singapore Micron Semiconductor Asia Pte Ltd

Micron Semiconductor Asia Pte. Ltd. manufactures memory and semiconductor equipment. The Company offers solid state storage, hybrid memory cube, phase change memory, flash, and other managed devices. Micron Semiconductor Asia serves computing, networking, server, mobile, consumer, automotive, and industrial applications worldwide. And a long list of other multi international companies such as MICRON, Singapore Micron Semiconductor Asia Pte Ltd

Micron Semiconductor Asia Pte. Ltd. manufactures memory and semiconductor equipment. The Company offers solid state storage, hybrid memory cube, phase change memory, flash, and other managed devices. Micron Semiconductor Asia serves computing, networking, server, mobile, consumer, automotive, and industrial applications worldwide.

international companies such as MICRON, Singapore Micron Semiconductor Asia Pte Ltd

Micron Semiconductor Asia Pte. Ltd. manufactures memory and semiconductor equipment.
The Company offers solid state storage, hybrid memory cube, phase change memory, flash, and other managed devices.
Micron Semiconductor Asia serves computing, networking, server, mobile, consumer, automotive, and industrial applications worldwide.

In our recent makan at 8.30 pm.,
!18 March 2024
with
Mr Dominic Ong / FIFO

and his
* big * team of 3 remisiers from Penang plus

1 big time lawyer

1 big time Dr ____ specialist in share tradings

in
Kimiya Japanese Restaurant ,
TRX Shopping Mall ,
Kuala Lumpur

____ 8.30 pm., 18 March 2024 / Monday

KGB / mother share versus
KGB WB
( i ) 18 Mar 2024 / Monday
closed RM 2.58 / -- RM 0.05

( ii ) 19 Mar / Tuesday
closed RM 2.62 / + RM 0.04

( iii ) 20 Mar / Wednesday
closed RM 2.75 / + RM 0.13

( iv ) 21 Mar / Thursday
closed RM 2.76 / + RM 0.04

as ex dividend of RM 0.025 __
based on RM 2.72

Already up for a short period of 4 trading days = RM 0.18

That represent up 7 %
================================================================

WB

( i ) 18 Mar 2024 / Monday
closed RM 1.19 / -- RM 0.02

( ii ) 19 Mar / Tuesday
closed RM 1.27 / + RM 0.08

( iii ) 20 Mar / Wednesday
closed RM 1.32 / + RM 0.05

( iv ) 21 Mar / Thursday
closed RM 1.37 + RM 0.05


B. WB share
Already up for a short period of 4 trading days = RM 0.18
That represent up 15 %

================================================================

Analysis on uptrending stock in KLSE

A. K G B / mother share
Already up for a short period of 4 trading days = RM 0.18

That represent up 7 %



B. WB share
Already up for a short period of 4 trading days = RM 0.18

That represent 15 %

Highlight of importance

When there is normal warrant
__ it is of paramount importance to buy the normal warrant __ that can be subscribed instead of the mother share respectively.

To : All

From : SEE _Research

Reissued on 4.15 am., 21 March 2024 / Thursday


K G B WB

A. Latest update

on its uptrending mode in the current situation with its unique well positioned in its technical behaviour ___

And from latest update ; there is the new technical breakout that is created on today _
5.00 pm., 20 March 2024
( i ) Mother share
of _______ RM 2. 75 / + RM 0.13

( ii ) WB = RM 1.32 / + RM 0.05


This technical breakout will offer upside opportunities for
20 March 2024 to 29 March 2024 __

the new leg with its good technical chart and analysis __ good behaviour will result in upwards mode of

( i ) mother share of RM 2.91
( ii ) WB of RM 1.46 to RM 1.49

Let wait and enjoy the good positive ride with great strength like Sha ' Carri Richardson

==============================================================

https://youtu.be/C7UvUpDEOa0?si=0I9l8gLrL4cCaMTU

==============================================================

To : All

From : SEE _Research
Issued at 1.30pm. , 16 March 2024 / Saturday

Reissued on 10.00am., 20 March 2024 / Wednesday


K G B WB

A. Latest update

on its uptrending mode in the current situation with its unique well positioned in its technical behaviour ___
From 5 March 2024 / Tuesday to another
17 trading days __ 5 April 2024 / Friday onwards
The projected price is near to
RM 1.36 level.

And from latest update ; there is the new technical breakout that is created on today _
5.00 pm., 20 March 2024
( i ) Mother share
of _______ RM 2. 75 / + RM 0.13

( ii ) WB = RM 1.32 / + RM 0.05

From 20 March 2024 to 29 March 2024 __ the new leg with its good technical chart and analysis __ good behaviour will result in upwards of
( i ) mother share of RM 2.91
( ii ) WB of RM 1.46 to RM 1.49

Let wait and enjoy the good positive ride.


For next upwards leg from

================================================================

K G B WB

Latest update as at
12.30 pm., 20 March 2024

A. On its uptrending mode in the current situation with its unique well positioned in its technical behaviour ___
From 5 March 2024 / Tuesday to another
17 trading days __ 5 April 2024 / Friday onwards
The projected price is near to
RM 1.36 level.

B. Am SEE_Research is right ?

C. Am SEE_Research is wrong ?

D. As at now / 12.30 pm.,
20 March 2024 __ closed 12.30 pm.
RM ___ 1. 33 / + RM 0.06

that is before
5 April 2024 to reach RM 1.36 ?

E. Is this super bull run for KGB WB =
UNDER PERFORMANCE ?

OR

OVER PERFORMANCE?

YOU DECIDE __?

Kelington inks 30-year land lease agreement with Terengganu state govt

By Syafiqah Salim /

theedgemalaysia.com

20 Mar 2024, 04:33 pm

TOPICS

Kelington enters into lease agreement with Terengganu State Government

PETALING JAYA:
Kelington Group Bhd, via its 90.71% owned subsidiary, Ace Gases Sdn Bhd, has entered into an agreement with Terengganu State Economic Development Corp to lease a parcel of land measuring 130,678.86 sq feet in Kerteh, Terengganu.

Under the agreement, the group will lease this parcel of land for an initial term of 30 years, with a further 30-year extension option (30+30), starting from Feb 1, 2024 to Jan 31, 2084.


Kelington chief executive officer Raymond Gan

said the parcel of land is conveniently located adjacent to the group's liquid carbon dioxide (LCO2) manufacturing plant and will facilitate streamlined operations in the future due to its close proximity.

“It is earmarked to support the group’s future expansion efforts within the LCO2 manufacturing segment.

The additional space will enable us to increase manufacturing capacity, enhance logistics infrastructure, and construct warehouses and other supporting buildings as required.


The LCO2 industry is experiencing significant growth, driven by global demand for its versatile applications, especially in the food and beverage sector for carbonated drinks and food freezing using dry ice.”

Since the commencement of Kelington's first LCO2 plant, Gan said revenue from export markets have risen consistently, fuelled by strong demand for LCO2 globally.

“With the first LCO2 plant achieving full capacity utilisation of 50,000 tonnes per year,

the group’s second LCO2 plant with an even larger capacity of 70,000 tonnes per year, brings the combined capacity to 120,000 tons per year.”

Kelington inks 30-year land lease agreement with Terengganu state govt
By Syafiqah Salim / theedgemalaysia.com
20 Mar 2024, 04:33 pm

Expanding its footprint.

Management guided that
KGB will extend its reach to Hong Kong and Germany

A subsidiary has been set up in Hong Kong, .
while in Germany, a subsidiary is expected in the next few months. The foray into new markets will provide significant opportunities for the group, especially with the latter expected to capture potential jobs from the European region.

GPM in these markets are expected to be as high as those in Malaysia and Singapore (c.15% for the engineering segment).

Currently, the group has c.MYR
400 millions

and

MYR 70 millions worth of tenders in Hong Kong and Germany.


We view the expansion positively given KGB's strong track record with European fabs that have operations locally and in Singapore.

================================================================


What does GPM mean marketing?

Gross profit margin (GPM)

is the percentage of revenue that is actual profit before adjusting for operating costs, such as marketing, overhead, and salaries.

The two factors that determine gross profit margin are revenue and cost of goods sold (COGS)

Expanding its footprint.

Management guided that
KGB will extend its reach to Hong Kong and Germany

A subsidiary has been set up in Hong Kong, .
while in Germany, a subsidiary is expected in the next few months. The foray into new markets will provide significant opportunities for the group, especially with the latter expected to capture potential jobs from the European region. GPM in these markets are expected to be as high as those in Malaysia and Singapore (c.15% for the engineering segment). Currently, the group has c.MYR
400 millions

and

MYR 70 millions worth of tenders in Hong Kong and Germany.


We view the expansion positively given KGB's strong track record with European fabs that have operations locally and in Singapore.

To : All

From : SEE _Research

issued at
5.30 pm., 11 March 2024 / Monday

Expected WB

( i ) first target RM 1.35 to RM 1.40

( ii ) second target RM 1.55 to RM 1.60

Extract from AmBank Retail Research

* STOCK IDEA*

11 Mar 2024
AmBank Retail Research

*KELINGTON GROUP* (KGB | 0151)
Shariah Compliant: YES

Entry : RM2.40–2.47

Target :

( i ) RM2.80, / mother share
WB : RM 1.35 to RM 1.40


( ii ) RM3.00 / mother share
WB RM 1.55 to RM 1.60



Exit : RM2.23

*Company Background.*

Kelington Group (KGB) is a leading provider of ultra-high purity gas and chemical delivery solutions for high-technology industry.

It is also a one-stop facility solution provider offering turnkey engineering services from initial system design to maintenance and servicing upon completion.

The group operates within

4 core business segments:

(i) ultra-high purity (UHP),

(ii) process engineering,

(iii) general contracting, and

(iv) industrial gases.


KGB's industrial gas operation primarily provides on-site gas supply and manufactures liquid carbon dioxide (LCO2).

===============================================================================_=====

K G B WB

Please note :
A. First day of uptrend of breakout begins on
23 November 2023 / Thursday
From
Day Low : RM 0.41
Day High : RM 0.45
Closed RM 0.445 / + RM 0.035

Today 19 March 2024 / Tuesday
Day low RM 1.20
Day high RM 1.27
Closed RM 1.27 / + RM 0.08

23 November 2023 / Thursday
/ RM 0.445 to 19 March 2024

RM 1.27 minus RM 0.445 =
+ RM 0.825
That represent up 185 % __
is it incredible but
Ripley believe it or not __?

From 23 November 2023 to
19 March 2024 ____just need 78 trading days
is it incredible but
Ripley believe it or not __?

K G B WB

Please note :
A. First day of uptrend of breakout begins on
23 November 2023 / Thursday
From
Day Low : RM 0.41
Day High : RM 0.45
Closed RM 0.445 / + RM 0.035

Today 19 March 2024 / Tuesday
Day low RM 1.20
Day high RM 1.27
Closed RM 1.27 / + RM 0.08

23 November 2023 / Thursday
/ RM 0.445 to 19 March 2024

RM 1.27 minus RM 0.445 =
+ RM 0.825
That represent up 185 % __
is it incredible but
Ripley believe it or not __?

From 23 November 2023 to
19 March 2024 ____just need 78 trading days
is it incredible but
Ripley believe it or not __?

To : All

From : SEE _Research
Issued at 1.30pm. , 16 March 2024 / Saturday

Re issued at 8.40 am., 17 March 2024 / Sunday


K G B WB

A. Latest update

on its uptrending mode in the current situation with its unique well positioned in its technical behaviour ___
From 5 March 2024 / Tuesday to another
17 trading days __ 5 April 2024 / Friday onwards
The projected price is near to
RM 1.36 level.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

HIGHLIGHTS

AS AT NOW ___
8.30AM. , 17 MARCH 2024 _____
FROM THE PRICE MOVEMENTS IN WHICH IT IS CREATING NEW HIGH ON

( i ) the mother share of RM 2.66
( ii ) WB

A. ON THE COMING DIVIDEND
Date announced on 28 February 2024 for
Dividend __ RM 0.025 to be ex date = 21 March 2024

B. IMPENDING NEW CONTRACT AWARD

SUBSTANTIAL CONTRACT AROUND
RM 150, 000 , 000.00

TO BE ANNOUNCED AFTER
22 MARCH 2024 __

IN MOVING UP ON THE SHARE PRICES OF MOTHER SHARE.

K G B WB

The above pic shows on the technical chart and analysis in which at 4.06 pm. ,
19 March 2024 / Tuesday

One big buy order of 1932 lots at
RM 1.27 THAT IS EQUIVALENT TO
RM 2, 453 , 640 .00 in value

K G B / 0151

Most recent official announcement thru
KLSE EXCHANGE

The group reported on 28 February 2024 / Wednesday

the record-high revenue and net profit of

RM1.6bil and RM102.7millions respectively for the financial year ended Dec 31, 2023

To : All

From : SEE_Research
Issued on 8.00am., 18 March 2024 / Monday

Who is the largest manufacturers of UHP Gas for
Semiconductor Market worldwide?

Taiyo Nippon Sanso
Hangyang
BOC
Air Products
Air Liquide
Messer Group
Linde Group
Yingde Gases
Huate Gas
Jinhong Group
================================================================

Kelington Group Berhad/ 0151

THE NEW BEGINNING

Meteoric Growth from non listed company into Ace Market as first day listed in Ace Market and matured in Main Market of KLSE and now / 2024 into a new diamond into international markets of Europe , Hong Kong and Indonesia .

A. The current 5 years _____
from 2024 till to 2030 ___ K G B has growth opportunities for growth worldwide and is taking the route to have their presence felt by expanding their overseas offices in
Hong Kong
Germany

And exploring to enter new markets in
Hong Kong , Europe , Indonesia users .



Sparrow Publishing House

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Kelington Group Bhd. ,

leading Ultra High Purity Gas provider in Malaysia
January 18, 2024


FYE 2022 REVENUE RM1.28 BILLION, PRE-TAX PROFIT RM74 MILLION
UKM (Universiti Kebangsaan Malaysia) would be proud of producing this engineer entrepreneur,

IR Raymond Gan Hung Heng (59)

who founded Kelington Group Berhad in 2000.

Gan is a professional engineer with the Board of Engineers Malaysia and has prior to setting up Kelington Group, worked with Malaysian Oxygen Berhad, Eastern Oxygen Berhad and M+W Zander Pte Ltd (Singapore).

He holds a Bachelor in
Chemical and Process Engineering degree from UKM.

Gan is beneficially interested in 21.06% of the shares of Kelington.

Gan is Chairman and
Chief Executive of the Kelington Group.

Kelington had a record year in FYE 31 December 2022 when its revenue exceeded RM1.2 billion (milestone) and it secured new contracts valued at RM1.85 billion. Pre-tax profit was RM74 million.

Kelington engineers solutions that ensure the safe handling of the delivery and distribution of ultra-high purity gases and chemicals all the way from source to equipment to waste disposal. (ie. wafer fabrication).

it also manufactures Liquid Carbon Dioxide (LCO2) and dry ice besides Trading in Specialty Gases. Its key markets are Singapore, China and Malaysia.

Kelington first set up offices in Shanghai in 2002 and Singapore in 2006.

The company was listed in 2009 on the ACE Market of Bursa Malaysia and transferred to the Main Board in 2012.

In 2016 Kelington started the new business of trading in industrial gases and manufacturing LCO2.

The Group's clients are mainly in the electronics and semiconductor industry. Due to the cyclical nature of these sectors, Gan says the Group actively pursues the expansion of its Process Engineering and Contracting division.

Executive Director and Chief Operating Officer,
Ong Weng Leong (55)

who is also a substantial shareholder of Kelington, holds a Bachelor of Chemical Engineering degree from Universiti Teknologi Malaysia.

He also has a Master in Business Administration from the University of Bath, U.K. Ong has been with Kelington Group for more than 18 years.

He is also a fellow member of Malaysian Institute of Management and was elected as a General Council member of the Institution from 2015 – 2016. He began taking up managerial roles in 1996 while at MOX as the Production Manager after which he became the Operations Manager from 1998 to 2000.

He was promoted to
National Engineering Manager at MOX in 2000 and in 2004 was promoted to the National Sales Manager (Electronics) at MOX.

Then he joined Kelington Group.

Director, Cham Teck Kuang (66) a substantial shareholder, is ED of Kelington Engineering (S) Pte Ltd. He graduated with a B.Sc (Hons) Mechanical Engineering from University of Portsmouth, Britain. He started his career in building services and thereafter spent the next 22 years in the semiconductor field particularly in wafer fabs in a leading industrial gas manufacturer in Singapore.

He rose from the rank of a
Project Engineer, Project Manager, Senior Manager, Departmental Head, General Manager and the last position being the Director of Project Engineering and Services and Director of E&I, South and Southeast Asia.

He is instrumental for the completion of many of the wafer fab gas system projects in Singapore and the region.

He joined Kelington Engineering (S) Pte Ltd in 2012.

ACKNOWLEDGEMENTS
Kelington Group Berhad. 2022 Annual Report. https://kelington-group.com/wp-content/uploads/2023/04/Kelington-AR2022.pdf

Focus Malaysia. 15 July 2021. Cheah Chor Hooi.
https://focusmalaysia.my/leveraging-repeat-customers-the-awesome-kelington-groups-experience/

The Edge Malaysia. 14 March 2017. Kang Siew Li. https://theedgemalaysia.com/article/kelington-sees-better-prospects-ahead

To : All

From : SEE_Research
Issued on 8.00am., 18 March 2024 / Monday

Who is the largest manufacturers of UHP Gas for
Semiconductor Market worldwide?

Taiyo Nippon Sanso
Hangyang
BOC
Air Products
Air Liquide
Messer Group
Linde Group
Yingde Gases
Huate Gas
Jinhong Group
================================================================

Kelington Group Berhad/ 0151

THE NEW BEGINNING

Meteoric Growth from non listed company into Ace Market as first day listed in Ace Market and matured in Main Market of KLSE and now / 2024 into a new diamond into international markets of Europe , Hong Kong and Indonesia .

A. The current 5 years _____
from 2024 till to 2030 ___ K G B has growth opportunities for growth worldwide and is taking the route to have their presence felt by expanding their overseas offices in
Hong Kong
Germany

And exploring to enter new markets in
Hong Kong , Europe , Indonesia users .



Sparrow Publishing House

Icon cart0
HOME BLOG
Asia 10
BizVideo 2
Entrepreneurs 23
ePublications 5
Family Business 47
Food 65
Funds & Tech 10
Healthcare 8
New Gen 20
People 13

Kelington Group Bhd. ,

leading Ultra High Purity Gas provider in Malaysia
January 18, 2024


FYE 2022 REVENUE RM1.28 BILLION, PRE-TAX PROFIT RM74 MILLION
UKM (Universiti Kebangsaan Malaysia) would be proud of producing this engineer entrepreneur,

IR Raymond Gan Hung Heng (59)

who founded Kelington Group Berhad in 2000.

Gan is a professional engineer with the Board of Engineers Malaysia and has prior to setting up Kelington Group, worked with Malaysian Oxygen Berhad, Eastern Oxygen Berhad and M+W Zander Pte Ltd (Singapore).

He holds a Bachelor in
Chemical and Process Engineering degree from UKM.

Gan is beneficially interested in 21.06% of the shares of Kelington.

Gan is Chairman and
Chief Executive of the Kelington Group.

Kelington had a record year in FYE 31 December 2022 when its revenue exceeded RM1.2 billion (milestone) and it secured new contracts valued at RM1.85 billion. Pre-tax profit was RM74 million.

Kelington engineers solutions that ensure the safe handling of the delivery and distribution of ultra-high purity gases and chemicals all the way from source to equipment to waste disposal. (ie. wafer fabrication).

it also manufactures Liquid Carbon Dioxide (LCO2) and dry ice besides Trading in Specialty Gases. Its key markets are Singapore, China and Malaysia.

Kelington first set up offices in Shanghai in 2002 and Singapore in 2006.

The company was listed in 2009 on the ACE Market of Bursa Malaysia and transferred to the Main Board in 2012.

In 2016 Kelington started the new business of trading in industrial gases and manufacturing LCO2.

The Group's clients are mainly in the electronics and semiconductor industry. Due to the cyclical nature of these sectors, Gan says the Group actively pursues the expansion of its Process Engineering and Contracting division.

Kelington Group OUTPERFORM ↔

Expanding to Hong Kong and Germany Price : RM2.55

Target Price : RM3.40 ↔

By Samuel Tan l samueltan@kenanga.com.my

KGB

is buoyed by overwhelming UHP orders, which now make up
c.74% of its order book (c.60% in FY23).
It is expanding to Hong Kong
and Germany backed by new demand. Pending the completion of its
second LCO2 plant,

it is acquiring a third one.

it is acquiring a third one.

it is acquiring a third one.

We maintain our
forecasts,

TP of RM3.40, and
OUTPERFORM call.

TP of RM3.40, and
OUTPERFORM call.


TP of RM3.40, and
OUTPERFORM call.

We came away from KGB’s post-4QFY23 briefing feeling upbeat about its
prospects.

The key takeaways from the meeting are as follow :

1. KGB is seeing early signs of tailwinds forming as demand for its ultra￾high purity (UHP) gas solution has jumped to c.74% of its order book
(vs. 60% in FY23).

This upturn aligns with the consensus expectation of
a semiconductor demand recovery in 2024.

As a primary beneficiary,
KGB is experiencing an uptick in job tender invitations from wafer fabs
across China, Malaysia, and Singapore, where it maintains a dominant
presence.
Furthermore, responding to requests from existing MNC
customers, the group is actively bidding for projects in new regions, such
as Hong Kong and Germany.

To facilitate this expansion, the group has
established a Hong Kong subsidiary and is set to finalise the
incorporation of its Germany subsidiary soon.


To facilitate this expansion, the group has
established a Hong Kong subsidiary and is set to finalise the
incorporation of its Germany subsidiary soon.

Leveraging its status as a
qualified vendor with a proven track record, the group remains optimistic
about its prospects as it ventures into new markets.

2. Its LCO2 (liquid CO2) Plant 2, with capacity of 70k tonnes/year or 1.4x of
Plant 1, has been completed and is undergoing testing and
commissioning.
The group aims to begin exporting from Plant 2 by mid￾March which will alleviate the bottleneck at Plant 1 (running near 100%)
as demand continues to increase with a worsening shortage of LCO2 in
Asia and the Oceania region. Furthermore, recognising the escalating
demand in Indonesia, the group is in the early stages of discussions for
the potential acquisition of an LCO2 company in the country, promising
further expansion of its overall capacity.

3. The recent upswing in KGB's quarterly results merely hints at the vast
potential that is yet to unfold. Our conviction in KGB's prospects is well￾founded, supported by its impressive >RM1.9b tender book, in line with

SEMI's forecast of a 12% recovery in 2024, followed by a substantial
24% upcycle in 2025.


Be it a smooth or bumpy recovery for the
semiconductor sector, the group has RM1.3b outstanding orders in its
bag to navigate any obstacles that may come along, thereby fortifying its
readiness for the next wave. We are expecting another RM1b order
replenishment in FY24.

Forecasts. Maintained.

Valuations.
We also keep our TP of RM3.40 based on an unchanged 21x
FY24F PER. Our valuation represents a c.10% discount to peer’s forward
mean PER of 24x which includes global players such as Air Products, Air
Liquide and Linde. There is no adjustment to our TP based on ESG
given a 3-star rating as appraised by us (see Page 4).
Investment case. We like KGB for: (i) it being a direct proxy to the front-end
wafer fab expansion, (ii) its strong earnings visibility underpinned by robust
order book and tender book exceeding RM1b, and (iii) its strong foothold in
multiple markets, i.e. Malaysia, Singapore and China.
Maintain
OUTPERFORM.


Risks to our call include:
(i) delayed in wafer fab expansion plans,

(ii) worsening Sino-US chip war, and

(iii) delays in its LCO2 plant operation.

To : All

From : SEE _Research
Issued at 1.30pm. , 16 March 2024 / Saturday

Re issued at 8.40 am., 17 March 2024 / Sunday


K G B WB

A. Latest update

on its uptrending mode in the current situation with its unique well positioned in its technical behaviour ___
From 5 March 2024 / Tuesday to another
17 trading days __ 5 April 2024 / Friday onwards
The projected price is near to
RM 1.36 level.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

HIGHLIGHTS

AS AT NOW ___
8.30AM. , 17 MARCH 2024 _____
FROM THE PRICE MOVEMENTS IN WHICH IT IS CREATING NEW HIGH ON

All time high as per current price of
5.00 pm., 15 March 2024
( i ) the mother share of RM 2.66
( ii ) WB of RM 1.21

A. ON THE COMING DIVIDEND
Date announced on
28 February 2024 for
Dividend __ RM 0.025 to be ex date =
21 March 2024

B. IMPENDING NEW CONTRACT AWARD

SUBSTANTIAL CONTRACT AROUND
RM 150, 000 , 000.00

LIKELY _____
TO BE ANNOUNCED AFTER
22 MARCH 2024 __

IN MOVING UP ON THE SHARE PRICES OF MOTHER SHARE AND WB

AS WELL WITH CORRESPONDING HUGE VOLUME

To : All

From : SEE _Research
Issued at 1.30pm. , 16 March 2024 / Saturday

Re issued at 8.40 am., 17 March 2024 / Sunday


K G B WB

A. Latest update

on its uptrending mode in the current situation with its unique well positioned in its technical behaviour ___
From 5 March 2024 / Tuesday to another
17 trading days __ 5 April 2024 / Friday onwards
The projected price is near to
RM 1.36 level.

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

HIGHLIGHTS

AS AT NOW ___
8.30AM. , 17 MARCH 2024 _____
FROM THE PRICE MOVEMENTS IN WHICH IT IS CREATING NEW HIGH ON

All time high as per current price of
5.00 pm., 15 March 2024
( i ) the mother share of RM 2.66
( ii ) WB of RM 1.21

A. ON THE COMING DIVIDEND
Date announced on
28 February 2024 for
Dividend __ RM 0.025 to be ex date =
21 March 2024

B. IMPENDING NEW CONTRACT AWARD

SUBSTANTIAL CONTRACT AROUND
RM 150, 000 , 000.00

LIKELY _____
TO BE ANNOUNCED AFTER
22 MARCH 2024 __

IN MOVING UP ON THE SHARE PRICES OF MOTHER SHARE AND WB

AS WELL WITH CORRESPONDING HUGE VOLUME

A