Kimlun Corporation Bhd (KIMLUN) has won its fifth contract in FY24 worth RM128.1m contract to build a residential development project in Johor Bahru.

The contract from Tanah Sutera Development Sdn Bhd brings its YTD contract wins to RM789.0m and outstanding order book to RM3.28b.

The residential development project in Johor Bahru comprises two sections: the first which is valued at RM57.86m is expected to be completed by 3QCY26 while the second section which is worth RM70.27m is scheduled for completion within 21 months.

Analysts at Kenanga maintain their forecasts of the target price at RM1.69 and the OUTPERFORM rating for the company. KIMLUN's stock closed at 1.43 on Thursday. (Google-hosted Bursa updates)