KENANGA reiterate BUY on KIAN JOO with TP RM2.54

From Kenanga Research:

Kian Joo 1Q11 net profit was above our and consensus estimates. YoY, 1Q11 revenue grew 17.8% to
RM255.3m while net profit increased 40.3% to RM30.7m, on the back of higher sales, particularly seen
in corrugated carton division. QoQ 1Q11 saw improved margins. We maintain our Target Price of RM2.54
based on unchanged FY11E EPS of 25.4 sen over historical average PE band of 10x. We continue to like
Kian Joo for its decent earnings growth and dividend yields of 6% and hence, we reiterate our BUY rating on Kian Joo.