Stock Digest - Kelington Group Bhd - All Round Improvement

We gather that orderbook replenishment stood at c.RM596.0m to-date (inclusive of the recent win at end-April 2023), accounts to 47.4% of our assumption of RM1.20bn. As at end-1Q23, KGB’s outstanding orderbook of RM1.83bn that represents and orderbook to cover ratio of 1.4x against FY22 revenue of RM1.27bn will sustain earnings visibility over the next 2 years.

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