Moving forward, Kelington Group Bhd (KGB) will be leveraging on the on-going plant expansions of semiconductor players across the Asia region, said Malacca Securities in the recent Technical Focus Report.
Meanwhile, the liquid carbon dioxide plant is operating at full capacity and the second plant is expected to commence by October 2023 may drive the industrial gas segment growth. As at end-quarter one 2023, outstanding orderbook stood at RM1.83 billion will provide earnings
visibility over the next 12-18 months.
“We note that KGB maintained a healthy balance sheet with a net cash position of RM13.5 million, translating to net cash per share of 2.1 sen,” said Malacca Securities.
Technically, price has delivered a swift rebound after briefly falling below the simple moving average 200 in mid-May 2023. Following the recent recovery, price has experienced a short-term consolidation breakout above RM1.42.
Coming closer, price has formed a flag-formation breakout above RM1.50, targeting the next resistances at RM1.57-1.63, with long term target at RM1.70. Support is pegged at around RM1.43, while cut loss is set at RM1.42.
