1

Stock Focus
(023849) 6 Sep 2010
Kimlun Corporation Berhad RM1.08
BUY

FY Dec 2007 2008 2009 2010E 2011E

RM m
Revenue 366.3 413.3 435.4 490.0 525.0
PBT 33.8 29.2 42.9 48.0 51.9
Net Profit 25.8 22.2 31.5 36.0 38.9
EPS (sen) 11.3 9.7 13.8 15.7 17.0

Growth (%)
Revenue 12.8 5.3 12.5 7.1
PBT (13.6) 46.9 11.9 8.1

!" Margin (%)

PBT 9.2 7.1 9.9 9.8 9.9
Net Profit 7.0 5.4 7.2 7.3 7.4
#$
% &

&2 0 30 "0 . 4 &25 ) ) $0 "2$"0

%&
6$ 3 06 3$ ) * "2$"
2 72 )8 3 09$"
& )& " 8 2" 72 ) + "& 4 :5 "
. & 2*$" 2 0*
! $0 $ " 3 0 2$" " ) 72 )& " " 0 . " . 7 " +
' & "0 $" 0 "
03$ " " 0 3 06 $0&3 " ") " ) 0*
6$ "0 " $2 " 0& 3" )0 ". $"6 $0 "2$"0 $"6"
& + 1". " . 02" . ;
0.0 < : ) 30 =0 8 & 2 30 *0
"
( )*& + ) 01"
. 6 7+ " : 6 0 1 6 "2 "0 32 3
& 2*$" 2 )

'( !
, -). / / '
,! 01 / /
0 ". >2 " ;2 8" 6 2 $ 7+ "0
%'&8> 0 > 1. "3 0*"* 7+ "
0 '& 2 & +"0
0 0*
* " ) ?3 0* %& @ ! ) 02""
. &3 $"8 "3 0*"
102 . 6 ) " & $ "
0 9
2" "3 0*"0*
% &

A . *+ 7 $0&3 "
0 30 " 30 * 0 & $0 0 "
$$02 "8 6 2 0 "
0 & 1. "3 0*" $
' " 0 & @. 3 *0 & $ 1". 02 ?3 $""0
&2 0 " $!"
0 & "02 *2 + *
0 $ "
# !
' "* $ 30 "0 "0 ) 1 "
. "$ . 30 "0 0* & 1.$.
research@pmsecurities.com.my
1 *0& " $ " " ) ? $ 1 "
. " "3 . 0*
' " ; 2

F o r P r iv a t e C i r c u l a t i o n O n l y
Kimlun Corporation Berhad

( )*+
,-

B " ;
2 8 " $0 "2$"0 0 700! "
00 " & 1. "
. & 2*$"
2 )0
700!1 33 0?& " + & 1.$. 702" ? " 2 6 2
"
.
+ 830" " & ! " 6 *0& "
. 7 @ ?" 0 3 09$"2 "
.
+ ( "
0 ?" ?3 "
. $2 " "
10 ! "
. )C + &2
30 " +6+ )*0 3 $ 0*"
. $"0

&2 0 " & 02 ) 01"

. 0330 "
2 " ". ! + )0 8: ) 30
"
. : & !" ! 6 "& " . 8" . )06 & " $0&3 + " ! " 0 72 $ " +"$
3 09$" "
. ! + )0 ?3 $" "0 1 & 10 "
. 0*$0 " $" ".
& 2& " & 0 " 03 0* 7 + 72 *
02 + )0 (2 0". 6 03& " 7+ 0"
.
3 + 8" . " 0" 3 09$" $0& )0 " & "& " "06 7 " . ?" + 1.$.
1 7 *" & 2 2 " 0 " "7 . 3 $

' &

2" 2 ) :+ "& 4 :5 + "& 0* $0 "2$"0 1.$. 2 2" 3 0 2$"0

"$. >2 ". ". 3 0 2$"0 0*$0&30 " 0 &7+ 0*72 ) 1.$. $2 ".
2" "0 0* " *
0 & 0* 3 $ " $0 $ " 3 *7 $ " " "2$" 2
$0 "2$"0 10 ! ( 0 2$"0 0*72 )$0&30 " 0 0*
* "0 0 " 1.$.. 3" 0 01
$0 "8 2$ $0 "2$"0 "& >2 "+ $0 "0 :2$. 3 $ "$0 $ " 3 *7 $ " "
"2$"
2 3 "$2 + 2 * 2 *0 .). 72 ) 0 & .02 ) "" 1. &
"2$"
2 $ 7 3 $" 2& 02 "&

&2 6 + ?$" 06 " : )& " 2 " 0 " * "&06 6 ") 2330 "*0& " .
)06 & " 1.$. "32 " " . "". : $0 " " 6 + 1 )06 & " 3 09$" "
0 7
$ "0 0 ". 1". **$"*0& A$"
07 @. &06 "
0 2$ 06 "+
. 6+ 3 $ 0 * 0 ) 10 ! "
. 02). ". 2 0*"$. 0 0)+ $0 "2$"0 @0 "8
&2 . $2 &02 "0* & 10 "
. 0* : 3 09$" 1.$. 3 0) ) 01" .
"
. )& " ?3 $" "0 7 "0 ) )6 " . 0 & "7+ " . )06 & " B ) 2
$ : 3 09$" ) . $ ) & ) *0& : 3 09$" .). " .
$0 6 "0 3 09$"

-! ! !

B" 0" &02 "0* & *0& " (A 3 0$ 0$ " *0 "

. "
" ) 23 0* *$" 0 +"0
3 0 2$ 32 3 "0 "3 " 0 0330 "
2 " * 0 1 " *0 " & 6 03& " "
. 02" .
)0 0* + : ) 30 2$. 0 02 6 # ) + 0 ? &3 8# 9+ 0 3
. 9
0 "6 "
2 ". "
0 6 03 '. 1". D#C 0* 706 + "0 7 ! 01
@ 03$ E# ) +

)3 $0&3 0 81 6 2 &2 " 3 . 7 0 * 0 1 (F0* ?7 0

"
. 6 ) $0 "2$"0 $0&3 G(F 0*7 "
1 ? : $ " )8 & 2 G . 3$
. )) " ) " %? (F 8& ! ) " "6 + 2 6 2 2 "
0 " 7 )."
) 3 0 3 $" , "
.23 30" " 0* % *0& " . $2 "3 $ 81 " &2 .
Kimlun Corporation Berhad

! " ! # " "

! " $ % ! ! "$ & % " ' (
" "$ ) " " % ! # * + ! + , " "
% ! $- . ! ' % ! $ * + ! + , "
! " " " # % % ! $

Published and Printed by:

PM Securities Sdn. Bhd. (66299-A)

A Participating Organisation of Bursa Malaysia Securities Berhad
Ground, Mezzanine & First Floor, Menara PMI, No: 2, Jalan Changkat Ceylon, 50200 Kuala Lumpur
General Line : 03-2146 3000, 03-2731 3000 Fax No : 03-2710 7830