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11-Aug-2020 KPower is targeting RM2bn of order book in FY6/21, implying 6.8x order book to market cap ratio. Furthermore, KPower intends to become asset owner by owning power plant in the future, which will provide recurring incomes. With market cap of only RM291m, the potential upside is huge. KPower is trading at FY21F PE of 7.3x. Recommend Buy. Malaysia Malaysia Research Team
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