Kelington Group Bhd’s (KGB) 2QFY23 core net profit added 40.6% YoY to RM19.1m, boosted by higher contribution from the Ultra High Purity (UHP) and industrial gas segments. Revenue for the quarter climbed 36.0% YoY to RM424.9m. A first interim dividend of 1.5 sen per share, payable on 2nd October 2023 was declared.

We are ceasing coverage on KGB due to the relocation of internal resources. Our last recommendation was BUY with a fair value of RM1.85.