Initiation
Water project wins can reverse soft debut
PMI has not put its best foot forward post-listing, touching a low of -33% vs IPO price and posting sluggish 1H25 earnings.
Industrial
KJTS
Placement incoming
KJTS will be offering up to 14.82% new shares to comply with Bumiputera Equity Conditions; up to 102m new shares.
KJTS
Second half tailwinds
2H25 enjoys multiple earnings drivers - higher electricity tariffs, improving margins, MUSB acquisition, and overseas projects.
KJTS
2Q25 - Dividend upgrade
KJTS’ earnings continued to accelerate in the second quarter, bringing 2H25 Adj NP to RM8.8m (+23% YoY).
KJTS
Cooling is Heating Up
While valuations may appear stretched at first glance, we flag that the nature of KJTS’ business means the earnings delivery on a new project is not front-loaded.