RHB Research raises Kelington target price to RM11.70 after RM1.83bil India contract

RHB Research has raised its target price for Kelington Group Bhd to RM11.70 from RM10.50 while keeping its 'Buy' call, after the group won its largest-ever contract in India worth RM1.83 billion. The contract covers design, installation, connection, testing and handover of manufacturing, laboratory and support tools across two facility modules for a semiconductor fabrication plant in Gujarat. RHB Research also raised its FY26 to FY28 earnings forecasts by one per cent, 11.2 per cent and 15 per cent.