<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Nov 18): Hong Leong Investment Bank (HLIB) Research has upgraded Kimlun Corporation Bhd to “buy” at 88.5 sen with a higher target price (TP) of RM1.07 (from 85 sen) after Kimlun secured a contract worth RM780 million in relation to the Sabah-Sarawak Link Road (SSLR).</p></div>

<div class=newsTextDataWrapInner><p>In a note Thursday (Nov 18), the research house said new construction orders in FY21 amount to RM800 million, comfortably beating house and consensus expectations.</p></div>

<div class=newsTextDataWrapInner><p>It said construction orderbook doubles to RM1.6 billion, 2.5x cover similar to FY16 levels.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“Other opportunities in 2022 could come from PBH Sarawak Phase 2, Kuching ART, hospitals, private sector buildings and RTS.</p></div>

<div class=newsTextDataWrapInner><p>“Going into 2022, we view Kimlun’s job visibility and solid orderbook reassuring, ”it said.</p></div>

<div class=newsTextDataWrapInner><p>HLIB increased FY22-23 forecasts by 9%.</p></div>

<div class=newsTextDataWrapInner><p>“Upgrade to 'buy' with higher TP of RM1.07 (from RM0.85) after earnings adjustment, pegged to 8.0x P/E multiple.</p></div>

<div class=newsTextDataWrapInner><p>“The stock currently trades at an attractive FY22 P/E of 6.6x and P/B of 0.4x.</p></div>

<div class=newsTextDataWrapInner><p>“Upside risks: speedy project rollout in Malaysia &amp; Singapore and MRT3. Downside risks: 1) high material prices 2) slow job rollout and 3) political fluidity,” it said.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://www.theedgemarkets.com/article/kimlun-lands-construction-and-maintenance-contract-worth-rm780m" target="_blank">Kimlun lands construction and maintenance contract worth RM780m</a></em></p></div>


Hong Leong Investment Bank (HLIB) Research has upgraded Kimlun Corporation Bhd to “buy” at 88.5 sen with a higher target price (TP) of RM1.07 (from 85 sen) after Kimlun secured a contract worth RM780 million in relation to the Sabah-Sarawak Link Road (SSLR).

HLIB upgrades Kimlun to 'buy' with higher target price of RM1.07

United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.

UOB Malaysia introduces masterclass to prepare businesses for EU’s carbon border tax

SAN FRANCISCO (May 8): The Department of Homeland Security (DHS) is piloting artificial intelligence to train officers who review applicants for refugee status in the United States, Secretary Alejandro Mayorkas told reporters on Tuesday.

The work addresses what Mayorkas said is “labor-i...

US explores AI to train immigration officers on talking to refugees

(May 8): The head of Saudi Arabia’s new investment fund for semiconductor and artificial intelligence technology said the country would divest from China if it were asked to do so by the US.

“So far the requests have been to keep manufacturing and supply chains completely separate, but ...

Saudi Arabia AI fund would divest from China if US asked, CEO says

SEOUL (May 8): Kim Ki Nam, one of the longest-serving North Korean officials who served all three generations of its leaders cementing their political legitimacy and heading the propaganda apparatus for the dynastic state, has died, official media said on Wednesday.

North Korea leader K...

North Korean propaganda chief who served all three leaders dies

(May 8): Brazil's bid to host the 2027 Women's World Cup scored higher than its rival, a joint bid from Belgium, Netherlands and Germany, in a FIFA's evaluation report released on Tuesday.

The world soccer governing body bid report came ahead of the vote at the 74th FIFA Congress in Ban...

Brazil's bid to host the Women's World Cup tops European rival

SYDNEY (May 8): Australia said on Wednesday it would raise the amount of savings international students will need to get a visa and warned several colleges of fraudulent student recruitment practices, as part of efforts to rein in record migration.

From Friday, international students mu...

Australia raises minimum savings for student visa, warns on fake recruitment

Hong Leong Investment Bank Research is keeping its “buy” call on Kuala Lumpur Kepong, with an unchanged target price of RM24.41

MORNING CALL: 8/5/24

KUALA LUMPUR (May 8): Global environmental, social, and governance (ESG) sukuk is expected to cross US$50 billion outstanding globally within the next two years, as issuers aim to meet their funding diversification goals and ESG mandates, alongside new regulatory frameworks and government-led sus...

Global ESG sukuk issuance seen crossing US$50 billion within two years, says Fitch 

Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.

Two suspects on motorcycles break Safiq Rahim's car windscreen in third attack on footballers 

As Malaysia aims to achieve high-income status, it needs to improve its human capital outcomes to match those of high-income countries.

Aspiring to high-income status: Education matters

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday.</p>


Sime Darby Plantation, Pekat, Siab, OCK, Sapura Energy, CTOS, Awantec, Mobilia, Prolintas, Power Root

<p>The takeover bid by Yinson Holdings Bhd’s major shareholder for Icon Offshore Bhd was made at 63.5 sen per share, as wellas 0.1 sen per warrant.</p>


Yinson's major shareholder raises Icon stake to 56.67% as MGO closes

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<p class="thumb-cap">E...

EVENING 5: Five things you need to know today

<p>Power Root Bhd's subsidiaries have successfully recovered trademark of its own “Ah Huat” brand for coffee and tea beverages, after reaching an amicable out-of-court settlement with its Indonesian distributor CV Ego Sun Star Sukses Mandiri (CV Ego) following an infringement wrangle that started in 2013.</p>


Power Root reclaims ‘Ah Huat’ brand in Indonesia after decade-long trademark tussle 

<p>AwanBiru Technology Bhd (Awantec) reported a net profit of RM2.14 million for its third quarter ended March 31, 2024 (3QFY2024), a significant turnaround from the net loss of RM1.99 million it incurred a year ago, as its software and services segment secured major contracts with higher revenue.</p>


Awantec reports profit in 3Q as revenue jumps on new contracts

<p>BATU KAWAN (May 7): The semiconductor industry presents Malaysia with a once-in-a-generation opportunity for exponential economic growth, and industry players are advised to capitalise on this billion-dollar sector, said&nbsp;Deputy Investment, Trade and Industry Minister Liew Chin Tong on Tuesday.</p>


Semiconductor industry offers Malaysia chance for exponential growth — deputy minister

<p>Urusharta Jamaah Sdn Bhd (UJSB) — a special purpose vehicle established under the Ministry of Finance to rehabilitate, restructure and monetise underperforming assets transferred to it from Lembaga Tabung Haji — has emerged as a substantial shareholder in Prolintas Infra Business Trust.</p>


Urusharta Jamaah emerges as third largest shareholder in Prolintas Infra

<p>The Malaysian Communications and Multimedia Commission (MCMC) will sign a Memorandum of Understanding (MOU) with Microsoft on May 14 to develop a digitally skilled workforce, particularly in the artificial intelligence (AI) sector, through education.</p>


MCMC, Microsoft to ink MOU on digital workforce cultivation next Tuesday — deputy minister 

<p>GCH Retail (M) Sdn Bhd, the operator of Giant hypermarkets, said the courts are still deciding on the company’s tenancy dispute with its landlord over premises it is currently occupying in Batu Caves.</p>


GCH Retail says Giant Batu Caves tenancy dispute with landlord still being decided by courts

<p>Global sales of semiconductors jumped 15.2% year-on-year (y-o-y) to US$137.7 billion (RM653.24 billion) during the first quarter of 2024, according to the US-based Semiconductor Industry Association (SIA).</p>


First-quarter global semicon sales jump 15.2% y-o-y to US$137.7b, says SIA 

<p>Former National and Johor Darul Ta’zim (JDT) skipper Safiq Rahim became the third National footballer to be attacked within a week, although the JDT player’s attack seemed more of a warning than personal harm.</p>


<p>Apple Inc unveiled a new artificial intelligence-focused iPad Pro and a larger iPad Air, aiming to reinvigorate a tablet lineup that has languished over the past two years.</p>


Apple revamps iPads with AI-focused Pro model, bigger Air

<p>A key measure of world indebtedness has resumed its climb as global debt hit a record high of US$315 trillion (RM1.5 quadrillion) in the first quarter of the year, fuelled by borrowing in emerging markets, the US and Japan, a study showed.</p>


Key debt ratio resumes rise as global debt burden hits record US$315 tril, IIF says

<p>The S&amp;P 500 and Dow Jones Industrial Average both clung onto gains to ended slightly higher on Tuesday, extending recent winning streaks fueled by renewed expectations that the Federal Reserve (Fed) will cut interest rates this year.</p>


S&P, Dow end slightly up, extend closing streaks despite Disney drag

<p>TikTok and its Chinese parent company ByteDance said on Tuesday they filed suit in US federal court seeking to block a law signed by President Joe Biden that would force the divestiture of the short video app used by 170 million Americans or ban its use.</p>


TikTok, ByteDance sue to block US law seeking sale or ban of app

<p>Home furniture maker Mobilia Holdings Bhd is planning to issue up to 218.75 million free warrants (Warrants-B), on the basis of one Warrant-B for every four existing shares held by entitled shareholders.</p>


Home furniture maker Mobilia plans one-for-four free warrants

<p>KUALA LUMPUR (May 7):&nbsp;The strategic cooperation between the Malaysian Investment Development Authority (Mida) and the Ministry of Higher Education (MOHE) is expected to catalyse the country’s industrial growth, especially in supporting the development of&nbsp;more&nbsp;talents at the global level.&nbsp;</p>


Mida’s strategic cooperation with Higher Education Ministry to accelerate local industrial growth — Zafrul

<p>The Malaysian Anti-Corruption Commission (MACC) is studying allegations against Housing and Local Government Minister Nga Kor Ming with regards to his announcement of an allocation for infrastructure in Kuala Kubu Bharu (KKB) recently.</p>


MACC looking into minister’s KKB allocation announcement ahead of poll

<p>Wall Street pared earlier gains on Tuesday after equity markets elsewhere rallied as investors parsed when and by how much the Federal Reserve (Fed) cuts interest rates this year, while a resurgent dollar helped weaken the yen further.</p>


Wall Street loses steam, dollar gains as investors mull rate cut timing

<p>United Overseas Bank (M) Bhd (UOB Malaysia) has launched a programme to assist businesses in understanding and preparing for the European Union's (EU) carbon border adjustment mechanism (CBAM), a carbon border tax that is set to take effect in 2026 and affect some 75% of Malaysian exports to the region.</p>
