Kenanga keeps RM10.10 target for Kelington after RM1.83b India contract
Kelington Group Bhd has won its largest-ever contract, worth US$452 million (about RM1.83 billion), to provide turnkey ultra-high-purity tool hookup services for a semiconductor wafer fabrication plant in Gujarat, India. Kenanga Research has maintained its OUTPERFORM call and target price of RM10.10, raising its FY2026 new contract win assumption to RM4.0 billion while leaving earnings forecasts unchanged.