Kelington Group Berhad (0151.KL) - Deep Dive Research Report

Date of Report: April 30, 2026 Concall Sources Used: Q1 FY25 (May 29, 2025), Q2 FY25 (August 21, 2025), Q3 FY25 (November 24, 2025), Q4 FY25 (February 26, 2026)

Section 1: What the Company Does

Kelington Group Berhad builds the hidden plumbing inside the world's most sophisticated factories.

When a semiconductor company like TSMC, GlobalFoundries, or Infineon decides to build a new wafer fabrication facility - anywhere from Kulim to Singapore to Dresden - they need an elaborate network of ultra-high purity (UHP) gas and chemical delivery systems before a single chip can be made. These systems carry gases like nitrogen, hydrogen, oxygen, argon, silane, and dozens of specialty process chemicals from bulk storage through stainless steel piping networks to individual process tools on the fab floor. The purity required is extreme - contamination at parts-per-billion level can destroy entire wafer batches. The piping must be passivated, welded in controlled environments, and rigorously tested. Getting this wrong means a fab that cost a billion dollars produces defective product from day one.

This is what Kelington does. Founded in 1999 in Shah Alam, Malaysia, by Ir. Raymond Gan Hung Keng, the company started as a focused provider of UHP gas delivery solutions for the then-nascent Malaysian semiconductor industry. Gan was an engineer who recognised that the technical complexity of UHP systems - the specialised orbital welding, the cleanroom handling protocols, the deep understanding of gas chemistry and material compatibility - created a naturally defensible niche. European and American contractors had dormant capabilities in this field because their domestic fab construction boom had passed decades earlier. But Malaysia and Singapore, sitting next door to Taiwan's highly active semiconductor supply chain, were developing the next-deepest pool of UHP expertise in the world.

The company listed on Bursa Malaysia in 2009 and has systematically expanded its geographic footprint ever since - China (Shanghai, then Hsinchu in Taiwan), Singapore as a primary hub, and most recently Germany, where the ESMC Dresden fab and the broader European Chips Act are creating a new wave of semiconductor construction demand that European contractors cannot adequately service.

Today, Kelington is not just a UHP contractor. Over twenty-five years it has built three adjacent businesses: general contracting for mechanical and electrical systems across multiple industries, an industrial gas manufacturing and supply business through subsidiary Ace Gases, and process engineering for petrochemical and oleochemical plants. But the soul of the company - and the driver of the most important growth opportunities - remains the advanced engineering division that installs UHP systems inside fabs.

The core value proposition is a combination of technical depth and cost efficiency that is hard to replicate simultaneously. Installing UHP systems requires specialised workforce skills, proprietary orbital welding expertise, and deep familiarity with semiconductor customer specifications that took years to accumulate. At the same time, because Kelington's workforce is based in Malaysia and Singapore rather than the US or Germany, it can deliver these services at a structural cost advantage over Western competitors. When a German fab like ESMC Dresden needs its gas systems installed, they face a choice between expensive domestic contractors with limited UHP track records or an Asia-Pacific contractor who has built dozens of fabs and can mobilise rapidly. Kelington is increasingly that contractor.

A concrete example: when GlobalFoundries expanded its Singapore fab, Kelington secured a contract to design, fabricate, supply, and commission the complete UHP gas distribution system. This means the Kelington team would first review fab drawings, specify the pipe routing, material grades (typically electropolished 316L stainless steel or higher-grade alloys depending on the gas), and connection fittings. They fabricate gas cabinets and specialty panels in their own workshop, transport them to site, install and weld piping under cleanroom-compatible conditions, purge and test the system to verify purity levels, commission it alongside the process tool installation, and then hand over a system certified to the customer's specification. The entire process can take 12-18 months per major fab expansion. After commissioning, ongoing maintenance and servicing creates a recurring relationship.

Section 2: Business Segments

Kelington operates four distinct business divisions. They share a common industrial customer base but differ significantly in their economics, competitive dynamics, and growth trajectories.

Advanced Engineering (UHP Division)

This is the engine of the company. Contributing approximately 70-74% of group revenue across recent quarters, the Advanced Engineering division handles everything related to ultra-high purity gas and chemical delivery systems for the semiconductor and adjacent high-technology industries.

The core activity is the design, engineering, procurement, fabrication, installation, testing, and commissioning of UHP gas distribution systems inside semiconductor fabs. The work begins before a single pipe is cut: Kelington engineers work from the fab's process tool layout to design the gas system architecture, specifying which gases go where, what pressures and flow rates are required, which pipe materials are compatible with which chemicals, and how the system integrates with the fab's safety and monitoring infrastructure.

Fabrication of specialty items - gas cabinets (the enclosures that house gas cylinders and associated safety equipment), valve manifold boxes, gas panels, bulk specialty gas systems, building isolation cabinets, and purge panels - is done in Kelington's own workshops. This in-house fabrication capability is important: it gives Kelington control over quality, lead times, and the ability to customise equipment to specific customer specs rather than relying on third-party skid fabricators.

The actual piping installation is the most technically demanding aspect. UHP piping uses a process called orbital welding - an automated welding method that creates consistent, ultra-clean weld joints with minimal particulate contamination. Welders must be certified, procedures must be qualified, and quality records must be maintained to traceability standards. The piping is then cleaned, passivated (treated to remove surface oxides), and pressure-tested before being connected to the process tools. Finally, gas purity testing verifies that the completed system delivers gas at the purity specification the fab requires.

What does it take to build this capability? A trained orbital welder takes 12-18 months to become proficient. A project manager who can coordinate UHP installations inside an active fab needs several years of site experience. The company's collective institutional knowledge about which gas combinations create hazardous conditions, which materials corrode under specific chemistries, and how to troubleshoot contamination events in installed systems is accumulated over decades of projects. This is not a business where a new entrant can hire twenty welders and compete within a year.

The customer base is the full spectrum of the high-technology industry: wafer fabs (CMOS logic, memory, compound semiconductor), flat panel display manufacturers, solar cell and module manufacturers, LED manufacturers, and increasingly optoelectronics customers. In geographic terms, the major markets today are Malaysia (growing, driven by National Semiconductor Strategy investments), Singapore (largest current project base), China (maturing, with newer orders balanced against US tech restrictions), and Germany (new, ESMC Dresden and the European Chips Act pipeline). Japan and India are in the active tender and relationship-building stage.

The strategic importance of this division is unambiguous: it is where Kelington's proprietary skills reside, where margins are highest, and where growth opportunities from the global semiconductor investment cycle are concentrated. Management has been deliberately shifting the project mix towards Advanced Engineering and away from lower-margin General Contracting work, a choice that has compressed headline revenue but expanded profitability.

General Contracting

General Contracting contributes approximately 14% of group revenue and covers mechanical and electrical (M&E) construction across a broader range of industries than the Advanced Engineering division. This includes large-scale plant construction, M&E systems for industrial facilities, and turnkey EPC (engineering, procurement, and construction) work for customers across semiconductors, petrochemicals, oleochemicals, and other process industries.

The core capability here is project execution - the ability to manage large workforces, coordinate subcontractors, maintain quality control across a complex site, and deliver on schedule. The work is less technically specialised than UHP installation but requires strong project management infrastructure and established customer relationships.

The competitive dynamics in General Contracting are more intense than in Advanced Engineering. The barrier to entry is primarily track record and project management depth rather than specialised technical skills, and margins are correspondingly lower. Management has been explicitly deprioritising this segment in recent quarters in favour of Advanced Engineering wins - the General Contracting revenue contribution has trended down even as the segment itself continues to win new projects in Malaysia. The segment's relevance is partly as a complement to the Advanced Engineering business: a customer building a new fab needs both UHP systems (Advanced Engineering) and conventional M&E systems (General Contracting), and Kelington's ability to offer both deepens the customer relationship and provides bundled solutions.

Industrial Gases (Ace Gases)

Ace Gases Sdn. Bhd., the industrial gas subsidiary, represents roughly 10-11% of current group revenue but is management's most ambitious long-term growth bet. The stated target is for Industrial Gases to grow from its current contribution to 30-50% of group revenue within four years - a statement that implies the company believes this segment can roughly triple or quadruple in scale.

The Industrial Gases business has three distinct product lines. The first is liquid carbon dioxide (LCO2) manufacturing and distribution. Ace Gases operates two CO2 recovery plants in Kertih, Terengganu, on the east coast of Peninsular Malaysia, with a combined annual capacity of 125,000 tonnes. The CO2 is recovered from industrial sources (such as natural gas processing or refinery off-gases), purified to ISBT (International Society of Beverage Technologists) beverage-grade standards, and sold to food and beverage customers (carbonation), oil and gas customers (enhanced oil recovery, pipeline purging), welding and metal fabrication customers, and electronics customers. The second plant came online in 2024, doubling capacity. This is a recurring, relatively predictable revenue stream.

The second product line is on-site gas generation, and this is where management sees the most significant scale opportunity. Rather than delivering bottled or bulk gas to a customer's site, Kelington builds, owns, and operates gas generation equipment at the customer's facility, delivering a continuous supply of nitrogen, hydrogen, or oxygen under a long-term supply agreement. In late 2024/early 2025, Kelington commissioned its first on-site nitrogen generator for one of the world's largest solar cell manufacturers in Malaysia - a 10-year supply contract. The economics of these contracts are structurally attractive: once the capital is deployed and the customer is connected, the revenue is recurring and contractually locked in for a decade. The model resembles a utility concession more than a construction project.

The third product line is specialty gas distribution - the trading and distribution of specialty and rare gases to semiconductor, electronics, and research customers. This business leverages Ace Gases' network and relationships in the industrial gas supply chain.

The Industrial Gases segment also carries strategic importance beyond its current revenue contribution. Kelington has positioned Ace Gases as a potential platform for two emerging themes. The first is green hydrogen production: the company is in discussions with state governments and private partners to develop small-scale hydrogen electrolysis plants, each costing RM20-30 million, that would produce green hydrogen for industrial customers. The second is carbon capture, utilisation and storage (CCUS): Kelington has signed MoUs with Malaysia Steel Works (KL) Berhad, Universiti Tunku Abdul Rahman, and PETRONAS CCS Solutions to explore CCS opportunities. The company has been identified as one of four key enablers for Malaysia's national CCUS programme running from 2026 to 2030, potentially covering the steel, cement, and petrochemical sectors.

Kelington completed the acquisition of the remaining 9.29% minority interest in Ace Gases in November 2024, bringing it to 100% ownership. This simplifies governance and means 100% of Ace Gases' profits flow to Kelington shareholders.

Process Engineering

Process Engineering contributes approximately 4-5% of group revenue and serves customers in the petrochemical, oleochemical, glove manufacturing, and other process industries. The work involves designing and constructing the mechanical systems - piping, vessels, heat exchangers, reactors - and electrical systems that support industrial manufacturing processes.

This segment shares technical DNA with Advanced Engineering (piping design, mechanical engineering) but serves different industries and involves different technical standards. The petrochemical and oleochemical industries are capital-intensive with long project cycles, and winning work requires established relationships with plant operators and familiarity with the specific hazardous materials handled in those environments.

Process Engineering is not a segment management spends much time discussing in results briefings. At its current scale it appears to be a steady contributor rather than a growth driver. The competitive landscape in this segment is more crowded than Advanced Engineering, with many local and regional engineering contractors competing for the same work.

Segment Summary Comparison

Section 3: Products and Business Detail

UHP Gas and Chemical Delivery Systems

The flagship product is the complete UHP gas distribution system for a semiconductor fab. Breaking this down into its components:

Gas Cabinets: Metal enclosures that house individual gas cylinders or containers. Inside the cabinet, pressure regulators, shut-off valves, purge connections, and gas detection sensors manage the safe handling of highly toxic or pyrophoric (spontaneously flammable) specialty gases like arsine, phosphine, diborane, and silane. Cabinets must meet strict fire safety and exhaust requirements.

Valve Manifold Boxes (VMBs) and Distribution Valve Manifolds (DVMs): These are the distribution nodes in the UHP system, allowing the main gas supply to be split and directed to individual process tools. They contain manual and automated valves, pressure gauges, and connections to the main distribution headers.

Gas Panels: Point-of-use control panels that allow each process tool to control its own gas flows independently. These are custom-designed for each tool's gas requirements.

Bulk Specialty Gas Systems: For gases consumed in large quantities - nitrogen, oxygen, hydrogen, argon - bulk systems handle the large-volume storage (dewars, tanks, or cylinders), pressure management, and distribution across the fab.

Building Isolation Cabinets and Purge Panels: Safety equipment that allows entire sections of the gas system to be isolated and purged before maintenance, essential for working safely with toxic or flammable gas systems.

The piping that connects all these components is typically electropolished 316L stainless steel, chosen for its corrosion resistance, cleanability, and compatibility with most semiconductor process gases. For highly corrosive or oxidising gases, other materials may be specified. All joints are made by orbital welding, which creates consistent, traceable welds. The completed system is passivated (treated with high-purity nitrogen gas, oxygen, or specific chemicals depending on the application), then cleaned by running ultra-high purity nitrogen through it to flush out contaminants.

Specialty Gas Equipment Fabrication: Kelington fabricates gas cabinets, VMBs, and other specialty items in its own workshops, likely in Malaysia and Singapore. This in-house capability allows customisation and quality control and is harder to replicate than the installation capability alone.

Industrial Gas Products

Liquid Carbon Dioxide (LCO2): Manufactured at two plants in Kertih, Terengganu, at 125,000 tonnes/year combined capacity. The CO2 is recovered from industrial off-gases, purified through scrubbing and adsorption processes to ISBT standards, liquefied, and stored in bulk tanks before being transported to customers in tanker trucks or cylinders. End uses include: carbonating beverages (F&B), purging pipelines and vessels (O&G), fire suppression systems, welding and metal fabrication, and semiconductor cleaning applications.

On-Site Gas Generators: Kelington invests in, installs, and operates on-site gas generation equipment at customer facilities. Current products include:

• Nitrogen generators (using Pressure Swing Adsorption or membrane separation technology)
• Hydrogen generators (using electrolysis)
• Oxygen generators

The first deployed contract was for a major solar cell manufacturer in Malaysia (nitrogen generation, 10-year contract), and a second was commissioned for an optoelectronics customer providing nitrogen, hydrogen, and oxygen - indicating the product range is expanding. The on-site model is capital-intensive upfront but generates highly recurring revenue over the contract life.

Specialty Gas Distribution: Trading and distribution of specialty and rare gases - laser gases, calibration gases, research-grade pure gases - to semiconductor fabs, research institutions, and industrial customers.

Geographies

Malaysia: Home base and listed headquarters in Shah Alam (Selangor). Industrial gas plants in Kertih (Terengganu). Semiconductor customers in Kulim Hi-Tech Park (Kedah), Penang, and various locations serving the National Semiconductor Strategy influx of new fab investment. Long-established customer relationships.

Singapore: Currently the largest project base by outstanding order book (32% of order book as of December 2025). Singapore has a high concentration of established and expanding semiconductor fabs - Micron, GlobalFoundries, UMC, and others. Kelington has been operating there for many years and has a substantial track record of completed projects.

China: Offices in Shanghai and Hsinchu (Taiwan). China is the third-largest segment of the order book (25% as of December 2025). Operations serve Chinese semiconductor customers, though the US-China technology competition creates some uncertainty about future investment levels. Management noted lower China contributions as part of the revenue dip in 2024-25.

Germany: A transformational new market. Kelington Engineering (Germany) GmbH was incorporated to establish a European base, and in 2025 the company won its first project in Dresden with the ESMC fab - a joint venture between TSMC, Bosch, Infineon, and NXP. Accumulated orders from this German client reached RM157 million as of the Q3 FY25 briefing, with more expected through 2027. The European tender book is RM1.54 billion (33% of total tender book), the largest geographic concentration.

Japan: Kelington Engineering (Japan) K.K. was incorporated in June 2025 with capital of JPY 40 million. The company is in active discussions with Rapidus (the Japanese consortium targeting 2nm chip production by 2027) and Micron's new DRAM plant (US$5 billion investment in Hiroshima) for UHP hook-up works.

India: Industrial gas business expansion underway. The tender book has a 27% India weighting (RM1.24 billion), suggesting the engineering pipeline is substantial and India is expected to become a major market as the India Semiconductor Mission matures.

Indonesia and Thailand: Smaller presence, with industrial gas business exploration underway in Indonesia.

Notable Milestones

• 1999: Company founded in Shah Alam by Raymond Gan
• 2009: Listed on Bursa Malaysia
• 2016: Ace Gases Sdn. Bhd. incorporated as industrial gas subsidiary
• 2021: Incorporated German and Hong Kong subsidiaries to position for new markets
• 2024: Second CO2 plant commissioned in Kertih (total capacity 125,000 t/year); first 10-year on-site nitrogen contract; Ace Gases brought to 100% ownership
• Q2 2025: Japan subsidiary incorporated; first European project LOI signed
• Q3 2025: First Dresden (ESMC) project confirmed, RM157M accumulated orders - first revenue from Europe
• FY2025: Record annual profit, FY25 DPS 13 sen vs 8 sen in FY24

Section 4: Customers

Who Buys and Why

The Advanced Engineering division's customers are semiconductor fabs. This is an unusual buying relationship because the purchasing decision involves multiple stakeholders: the fab's facilities engineering team (who set the technical specifications), the procurement organisation (who manage the RFQ process), and often senior management (who must approve contractors for a multi-year, safety-critical relationship). The sales cycle for a major fab UHP contract can run 12-24 months from initial contact to contract signature, involving technical pre-qualification, detailed proposal submission, site visits, and reference checks.

What drives the selection decision? Technical competence is the baseline - a contractor must demonstrate it can deliver to the required purity specification with a verifiable track record. Speed and reliability matter enormously because fab construction projects run on compressed schedules where delays can cost the fab owner millions per day in delayed production ramp. And cost is a real consideration, but it is rarely the primary driver because the downside risk of a poorly installed gas system (fab contamination, safety incident, delayed ramp) is catastrophic.

Named accounts that are verifiable from public announcements include: GlobalFoundries (Singapore), ESMC Dresden (Germany), unnamed "world's largest solar cell manufacturer" (Malaysia), and optoelectronics customers (Malaysia). The customer base also includes semiconductor players across Singapore and Malaysia whose names are not publicly disclosed.

The typical contract structure for Advanced Engineering work is project-based: a fixed-price or reimbursable EPC contract for a specific scope of work, with milestone-based payments over the project duration (typically 12-24 months). This means revenue is recognised progressively but the backlog provides good visibility. The order book of RM1.38 billion as of December 2025 represents roughly 12-18 months of forward work at recent revenue run rates - healthy but not excessively long, meaning the business needs to keep winning contracts.

Industrial Gases customers are more diverse. LCO2 customers include F&B manufacturers (the beverage industry is the largest buyer), oil and gas operators, welding supply distributors, and electronics manufacturers. On-site gas generator customers are currently in the semiconductor (solar, optoelectronics) industry, on 10-year supply agreements that provide very high revenue predictability. Specialty gas distribution customers are research institutions and electronics manufacturers.

Switching Costs

Switching costs in UHP engineering are meaningful but not insurmountable. On the project side, a customer who has used Kelington to install their gas system does not face mechanical switching costs when their next expansion project goes to tender - they evaluate contractors on merit each time. However, there is an accumulated relationship effect: Kelington knows the customer's fab layout, their specific gas requirements, their safety preferences, and the idiosyncrasies of their specification documents. This reduces proposal preparation time, reduces implementation risk, and creates a preference for continuity among the customer's engineering team. The CEO's comment that "We will be able to ride our current track record with them for future work" (COO Steven Ong) captures this dynamic precisely.

On the Industrial Gases side, switching costs for on-site gas generator customers are high: the generator is installed on the customer's premises and owned by Kelington, the customer's processes are configured to use this supply, and the 10-year contract structure explicitly locks in the relationship. Switching would require capital investment in alternative supply infrastructure and contractual penalties.

Concentration

The customer base is not highly concentrated in a single company, but it is concentrated in a single industry - semiconductor equipment and fab construction. A sustained downturn in semiconductor capex would reduce project awards across the whole customer base simultaneously. Within the semiconductor sector, the customer base across multiple geographies (Malaysia, Singapore, China, Germany, Japan pipeline) provides some geographic diversity that helps when one market slows.

Section 5: Competitive Landscape

Who Competes in UHP Engineering

The competitive set for UHP gas system installation inside semiconductor fabs is genuinely small globally, which partly explains why Kelington has been able to grow systematically without losing share to large incumbents.

PNC Process Systems (PNC Technology, 603690.SS): A Shanghai-listed Chinese company founded in 2000 by former Kinetics employees. PNC is probably the closest direct competitor to Kelington globally. It designs, manufactures, and installs high-purity process systems for semiconductor customers including Samsung, SK Hynix, TSMC, and SMIC. PNC is strong in China and increasingly in Korea, where it has major customer relationships. In Southeast Asia and Europe it has less established presence. Kelington's advantage over PNC in Western markets (Germany, potentially US) is geopolitical - Chinese contractors face significant scrutiny for work inside advanced semiconductor fabs given the US-led technology security environment.

Shanghai GenTech: Another Chinese specialist in UHP systems. Predominantly China-focused, with limited international reach. Similar geopolitical concerns apply.

Kinetics Process Systems (US): The original pioneer in UHP fab systems, spun out from US operations. Kinetics was the benchmark contractor for US and European fabs historically. However, Kinetics' workforce and cost base is US-centric, and the company has not competed aggressively in Asia. In Europe, Kinetics would be the natural incumbent, but their cost structure is fundamentally different from Kelington's. Raymond Gan has noted that European and US players "have been dormant in this field for 20 years" - meaning their skills have atrophied from lack of recent fab construction projects.

Marketech (Taiwan): A Taiwanese UHP contractor with strong relationships among Taiwan's semiconductor industry (TSMC ecosystem). Taiwan is the most competitive UHP market and Marketech is well-positioned there. As fabs migrate to new geographies, Marketech is a potential competitor in Singapore and Malaysia, but it operates mostly within the Taiwan ecosystem.

Domestic Malaysian/Singapore M&E contractors: For General Contracting work, competition is much more fragmented and local. Many mid-size Malaysian EPC contractors can compete for general M&E work inside fabs. This is why management is deliberately migrating its revenue mix away from General Contracting.

Why Kelington Wins

In UHP engineering, Kelington wins on three things:

1. Track record depth: 25 years of completed projects across Malaysia, Singapore, China, Taiwan, and now Europe. Customer engineering teams who have worked with Kelington know the quality is consistent. This matters enormously in an industry where gas system failures have factory-wide consequences.

2. Cost structure: Malaysian and Singaporean labour rates are structurally lower than US or European rates. For a project requiring hundreds of skilled orbital welders and engineers deployed over 18 months, this cost differential is substantial. Management explicitly positioned this as the key advantage in Europe - "Asia-Pacific suppliers hold significant advantages over European competitors in UHP installation services due to superior cost efficiency and speed."

3. Mobilisation capability: Kelington can deploy large teams rapidly in its home markets and has established the subsidiary infrastructure (Germany GmbH, Japan KK, HK entity) to mobilise internationally. A European fab that needs its gas systems installed does not want to wait for a contractor to build local presence from scratch.

Barriers to Entry

The barriers in UHP engineering are real but not impenetrable. The main ones:

• Workforce: Building a team of certified orbital welders and experienced UHP project managers takes years. You cannot hire talent out of a pool that does not exist.
• Track record: Semiconductor customers are risk-averse. Without a portfolio of completed fabs as references, new entrants cannot qualify for the first project, creating a chicken-and-egg problem.
• Technical knowledge: UHP system design involves understanding the chemical compatibility of hundreds of gas-material combinations, the hazard profiles of toxic and pyrophoric gases, and the interface between the gas system and each specific process tool family. This knowledge is accreted over years.

The barriers are not insurmountable at scale - a well-capitalised entrant with the right technical founders could build this over 5-10 years. But practically, the realistic competition comes from the handful of existing specialists, not new entrants.

Industrial Gases Competitive Landscape

In industrial gas manufacturing and supply, Kelington/Ace Gases competes in a different universe. The global industrial gas industry is dominated by four majors: Linde, Air Products, Air Liquide, and Nippon Sanso. These companies have enormous balance sheets, long-term on-site supply contracts with blue-chip customers, and end-to-end logistics infrastructure.

Ace Gases is not competing head-to-head with Linde. Its niche is specific: liquid CO2 recovery from Malaysian industrial sources (where the majors have not invested heavily), on-site generators for smaller customers who don't warrant the majors' attention, and specialty gas distribution where local responsiveness and custom stocking matter. The 125,000 t/year CO2 capacity is meaningful in the Malaysian market but is a rounding error for a global player. The competitive advantage in the CO2 business is logistics proximity to customers (beverage plants on the peninsula) and ISBT certification.

The on-site gas generator model is more interesting competitively. By owning and operating the asset on the customer's premises, Kelington is building a recurring revenue stream that the majors also pursue - but Kelington's smaller scale and agility may allow it to serve customers that are too small for the majors' standard project thresholds.

Section 6: Industry

What Drives Demand

Demand for UHP engineering services is directly tied to semiconductor capital expenditure cycles. When semiconductor companies are building or expanding fabs, Kelington wins contracts. When they defer capex, the pipeline slows. Understanding what drives fab construction is therefore core to understanding Kelington's business.

The secular driver is the relentless increase in semiconductor content in the global economy. Every AI server requires hundreds of advanced chips. Every electric vehicle contains 500-1,000 chips (vs. 200-300 in a traditional car). Every smartphone contains dozens of chips manufactured to sub-10nm specifications. This demand growth is structural and multi-decade.

Cyclically, semiconductor capex is notoriously volatile. Companies build capacity in waves, then absorb it as revenues grow into the installed base, then invest again. The industry went through a capex boom in 2020-2022 (pandemic-driven demand, plus geopolitical supply chain anxiety), then a sharp correction in 2023 as inventories ballooned, and has been recovering in 2024-2025 as AI-driven demand absorbs the overhang. Kelington's revenue dipped in 2023-2024 before recovering.

A structural shift is underway that fundamentally changes the geography of fab construction. The US CHIPS Act, European Chips Act, and India Semiconductor Mission are all providing large government subsidies to build semiconductor manufacturing capacity outside Taiwan and South Korea. This is diversifying the geography of fab construction in a way that directly benefits Kelington:

• The ESMC Dresden fab (TSMC, Bosch, Infineon, NXP JV): production target late 2027; total investment several billion euros
• Intel's fab in Magdeburg (partially paused due to Intel's financial difficulties, but the site remains active)
• India Semiconductor Mission: US$11 billion foundry initiative; multiple fab announcements
• Malaysia National Semiconductor Strategy: RM71 billion in investments confirmed as of June 2025
• Rapidus (Japan): 2nm production target 2027; Micron's Hiroshima DRAM plant US$5 billion

Each of these requires UHP gas systems that Kelington is qualified to install. The tender book's geographic concentration - Europe 33%, India 27% - reflects where the next wave of fab construction is happening.

Industry Size and Market Position

The global industrial gases market was approximately USD 99 billion in 2023 with a 5.3% projected CAGR through 2034. The specialty gases segment within this was approximately USD 12 billion in 2024. Malaysia specifically is projected at 6.3% CAGR growth.

For UHP engineering services, the addressable market is harder to quantify precisely - it is embedded within the broader semiconductor equipment and fab construction spend. Global semiconductor capex runs at USD 150-200 billion per year at peak cycle; UHP engineering is a small but non-negotiable portion of that spend.

Malaysia and Singapore have the second-deepest pool of UHP engineering skills globally after Taiwan, according to multiple sources including Kelington's own management and industry participants. This is partly a historical accident - Malaysia's semiconductor industry (Penang, Kulim) developed rapidly in the 1990s-2000s and trained a generation of engineers and technicians - and partly a deliberate government investment through science and engineering education.

Import Substitution and Supply Chain Position

In the Malaysian semiconductor industry, most UHP installation work has historically been done by local contractors including Kelington, because the work requires on-site presence and local workforce deployment. The "substitution" dynamic in Kelington's case runs the other direction - it is exporting Malaysian engineering expertise into markets (Germany, Japan, India) that previously relied on domestic or American/European contractors.

Regulatory Environment

Semiconductor fabs operate under strict safety regulations for the handling of hazardous gases - toxic, flammable, and pyrophoric materials. UHP system contractors must comply with local safety standards in each jurisdiction (European ATEX directive in Germany, OSHA in the US, DOSH in Malaysia, etc.), and their work must be certified to the fab owner's specification documents, which are typically derived from SEMI standards (the global semiconductor equipment standards body). Kelington is a registered member of SEMI through its German subsidiary, giving it formal standing in the standards community.

The industrial gas business is regulated through standard industrial safety legislation - hazardous materials handling, transportation of pressurised gases, food safety regulations for beverage-grade CO2.

Cyclicality and Risk

This is a cyclical industry. Kelington's order book and contract wins move with semiconductor capex. In 2023-early 2024, when fab investment was being deferred globally, Kelington's revenue declined. Management's response was to maintain high margins by working off existing higher-margin backlog and avoiding low-margin work, which resulted in lower revenue but higher profitability - a deliberate and credible strategy.

The industrial gas business provides some counter-cyclicality: LCO2 demand from F&B customers is not semiconductor-correlated, and on-site supply contracts have 10-year terms that survive short-term industry cycles. This is part of the strategic rationale for growing the Industrial Gases segment - it smooths the group's overall earnings volatility.

Section 7: Growth Triggers

All items sourced directly from Q1 FY25 (May 29, 2025), Q2 FY25 (August 21, 2025), Q3 FY25 (November 24, 2025), and Q4 FY25 (February 26, 2026) results briefings.

• European order book expansion from ESMC Dresden: As of the Q3 FY25 briefing (November 24, 2025), accumulated orders from the Dresden (Germany) client stood at RM157 million. Management confirmed more orders expected through 2027. This was the first European revenue ever recorded by Kelington.

"Our entry into Europe marks a significant milestone for the Group, providing a strong foothold for future expansion." - management commentary, Q3 FY25 briefing (November 24, 2025)

• Germany tender book RM2.5 billion targeting two major semiconductor players: From the Q1 FY25 briefing context (May/June 2025), management guided that they had submitted RM2.5 billion in tenders to two major German semiconductor clients, expecting a 30% win rate that could add RM700-800 million to the order book. Results expected by late Q3/Q4 2025. (First orders confirmed Q3 FY25 as above; full RM700-800M still being pursued.)

• Europe tender book RM1.54 billion (33% of total RM4.6 billion tender book): As disclosed at the Q4 FY25 briefing (February 26, 2026), Europe is now the single largest geographic concentration of the tender pipeline, reflecting the European Chips Act-driven fab construction wave.

• India tender book RM1.24 billion (27% of total): India is the second-largest tender book geography as of Q4 FY25 briefing (February 26, 2026). This represents the India Semiconductor Mission pipeline. No revenue yet, but the company is actively positioning.

• Japan market entry: Rapidus and Micron: From Q2 FY25 briefing (August 21, 2025) context, Kelington incorporated Kelington Engineering (Japan) K.K. (June 2025). The company is in active discussions with Rapidus (2nm commercial production target 2027) and Micron's Hiroshima DRAM plant (US$5 billion investment). Japan order awards would be a new data point in a market not previously served.

• Industrial Gases target 30-50% of group revenue within four years: From Q1 FY25 briefing context (May 2025), management stated the plan to grow Industrial Gases from ~10% to 30-50% of group revenue. This requires substantial on-site generator deployments and additional CO2 capacity.

• On-site gas generator expansion: Q2 FY25 briefing (August 21, 2025) confirmed commissioning of a second on-site generator for an optoelectronics customer (N2, H2, O2). The company is exploring green hydrogen production in collaboration with various state authorities. Each small-scale hydrogen plant represents RM20-30 million capex with RM1-2 million recurring earnings.

• CCUS programme identified as key enabler: Q2 FY25 briefing (August 21, 2025) reported MoUs signed with Malaysia Steel Works, UTARTU (university), and PETRONAS CCS Solutions. Kelington identified as one of four key enablers for Malaysia's national CCUS programme (2026-2030). Revenue contribution not yet material but positions Kelington in a nascent high-growth market.

• Malaysia National Semiconductor Strategy RM71 billion investments: Cited at Q3 FY25 briefing (November 24, 2025) - the confirmed investment figure underpins the domestic order book. New fabs and expansions in Penang, Kulim, and elsewhere generate ongoing Advanced Engineering contract opportunities.

• FY26 double-digit net profit growth guided: At the Q4 FY25 briefing (February 26, 2026), management guided for double-digit net profit growth in FY2026, building on the record RM151 million in FY2025.

• New contracts RM100 million in January-February 2026 alone: Disclosed at Q4 FY25 briefing (February 26, 2026), indicating a strong start to FY2026 order momentum before the briefing date.

Trigger Summary Table

Section 8: Key Risks

1. Semiconductor Capex Cyclicality

Mechanism: Kelington's Advanced Engineering business is entirely a function of semiconductor companies' willingness to build new fabs. In a capex downcycle - driven by demand slowdown, inventory correction, or cost pressure at the semiconductor companies - new fab commitments get deferred or cancelled, which directly reduces the tender pipeline and order conversion. This happened in 2023-2024 when Kelington's revenue declined materially year-on-year as Chinese and Malaysian fab projects were delayed.

Calibration: This is a moderate-to-high probability, moderate-impact risk that recurs every semiconductor cycle (typically every 3-5 years). The current cycle has significant structural support from government subsidies (CHIPS Act, European Chips Act, India Semiconductor Mission), which makes the current wave more policy-driven and therefore somewhat more resilient to pure market cycles. However, policy can also change. Intel's withdrawal from Magdeburg demonstrates that even subsidised projects can stall.

Management's own acknowledgement: The Q3 FY25 briefing noted that the 9-month revenue decline was "mainly due to lower contributions from Malaysia and China" - a real-time example of what a partial capex pause looks like for Kelington's revenue. Management's deliberate shift to higher-margin UHP work provides some protection against a revenue decline scenario.

2. Intel Magdeburg Withdrawal and European Pipeline Concentration

Mechanism: Intel formally withdrew from the Magdeburg fab project, which was one of the two major German semiconductor players Kelington was targeting for RM2.5 billion in tenders. This removes one of the two major European pipeline opportunities. If the ESMC Dresden project faces delays (construction projects of this complexity routinely slip), and other European Chips Act fabs take longer to materialise, the tender book's 33% European weighting could prove optimistic.

Calibration: Medium probability, material impact. Europe is now the largest single tender geography. If European fab construction slows - whether due to energy costs, project delays, or semiconductor demand softening - it creates a significant gap in the forward pipeline.

Mitigation: ESMC Dresden is confirmed to be proceeding, with orders already flowing through 2027. And India (27% of tender book) is a second large pipeline that partially offsets European concentration risk.

3. Geopolitical Risk in China Operations

Mechanism: China is 25% of the outstanding order book. US semiconductor sanctions have progressively restricted the sale of advanced chips and manufacturing equipment to Chinese entities. If these restrictions expand to cover the installation services for existing or new Chinese fab projects, or if Chinese fabs are forced to pause or cancel projects, Kelington loses a meaningful portion of its backlog. Separately, US or European pressure on companies like TSMC (whose ESMC JV is Kelington's German client) to restrict work with contractors perceived as having Chinese exposure could create political complications.

Calibration: Medium probability, medium impact. So far, semiconductor sanctions focus on chip design tools, lithography equipment, and advanced chips - not on gas delivery system installation. The risk is indirect rather than direct.

4. Currency Risk (Ringgit and Multi-Currency Exposure)

Mechanism: Kelington contracts are denominated in multiple currencies (RM, SGD, RMB, EUR, USD). A strengthening ringgit reduces the translated value of foreign currency revenues. Conversely, if the company incurs EUR-denominated costs in Germany but invoices in a weaker currency, project margins get compressed. The Q3 FY25 results specifically cited "lower unrealised foreign exchange losses" as a margin driver - the inverse (FX losses) has hurt Kelington in prior quarters.

Calibration: Medium probability, moderate impact. As the European business grows and EUR-denominated revenues become a larger share, the FX exposure becomes more complex to manage. Management tracks this actively.

5. Order-to-Revenue Conversion Risk in New Geographies

Mechanism: Kelington has substantial tender pipelines in India, Europe, and Japan - geographies where it either has no track record (India, Japan) or a very new one (Germany). Winning a tender requires pre-qualification, which typically requires prior projects in that country. Getting the first project in a new geography requires waiving or overcoming the track record requirement, which is harder. Even with Germany won, the broader European pipeline must convert from tender to order to revenue - a process that can take multiple years.

Calibration: Medium-high probability that conversion is slower than the tender book size implies, moderate impact on near-term growth. Management acknowledged this by stating that India and Japan are "in discussions" rather than confirmed wins.

6. Workforce Scalability for International Projects

Mechanism: Deploying skilled orbital welders and UHP engineers in Germany or Japan requires either importing Malaysian workers (with visa, work permit, and logistical costs) or hiring and training local workers (slow and expensive). As Kelington wins more international projects simultaneously, the pool of deployable talent becomes a constraint. A delay in one project due to workforce shortage creates a ripple effect on project timelines and customer relationships.

Calibration: This is an underappreciated risk that grows in importance as the international book builds. It is a quality problem to have (more work than workers) but can damage reputation if customer deliveries slip.

7. Competition from Local Players in New Markets

Mechanism: In Germany, India, and Japan, there are domestic engineering contractors who will eventually build UHP capability, backed by domestic semiconductor ecosystems and government preference for local suppliers. This is already happening in China with PNC and GenTech, who compete directly with Kelington in Chinese fabs. Over time, domestic competitors in India and Europe could displace Kelington in their home markets.

Calibration: This is a medium-term (3-7 year) risk rather than an immediate threat. The window for Kelington is to win the first wave of projects in each new market, build a track record and customer relationships, and embed itself before domestic players develop the capability.

Section 9: Walk the Talk

Four briefings used:

1. Q1 FY25 results briefing - May 29, 2025
2. Q2 FY25 results briefing - August 21, 2025
3. Q3 FY25 results briefing - November 24, 2025
4. Q4 FY25 results briefing - February 26, 2026

(Note: These results briefings are Kelington's primary investor communication mechanism. Full call transcripts are not publicly available; analysis is based on official press releases, investor presentations, and media reports from each briefing.)

Starting with Q1 FY25 (May 2025). The results came in below the prior four quarters - a slow start to 2025, attributed to Chinese New Year disruptions. But management used the Q1 briefing to articulate a clear strategic thesis: they were submitting approximately RM2.5 billion in tenders to two major German semiconductor players and expected a 30% success rate that would add RM700-800 million to the order book by late Q3 or Q4 2025. They were also specific about the geography of the tender book: RM4 billion total, with Singapore (RM950 million) and China/Hong Kong (RM788 million) leading. They guided that Germany order announcements would come "in the late third quarter or early fourth quarter" depending on tender close timing. This was a concrete, falsifiable prediction.

Moving to Q2 FY25 (August 2025). The European prediction materialised - not with a full contract but with a Letter of Intent for a European project valued at EUR30-50 million (RM146-244 million), consistent with the beginning of the order pipeline they guided for. More importantly, management followed through on two structural moves they had signalled: the Japan subsidiary was formally incorporated in June 2025, and CCUS MoUs with Malaysia Steel Works, a university, and PETRONAS CCS were signed. These are things management said they would do that they then did. H1 profitability rose materially despite flat revenue, confirming the higher-margin UHP mix shift was real and not just rhetoric.

"Advanced Engineering division remained the Group's largest revenue contributor, delivering RM384.5 million in H1 and accounting for 69.6% of Group revenue." - Q2 FY25 briefing, August 21, 2025

In Q3 FY25 (November 2025), the German order was confirmed and quantified: accumulated orders from the Dresden client reached RM157 million through 2027. This delivered exactly what management guided at Q1 FY25 - a German win in Q3. It was not RM700-800 million (the full expectation), but it was the start of the relationship and orders were described as continuing. The COO's earlier statement that semiconductor industry growth "will easily continue beyond 2026" was consistent with the strong demand environment evidenced by the RM4.6 billion tender book and RM1.14 billion of new contracts year-to-date.

The margin improvement was real: net profit margin rose to 13.0% in Q3 FY25 from 10.7% in Q3 FY24. Management had been saying for several quarters that project mix improvement and selectivity would lift margins. Q3 FY25 was the clearest demonstration that this was actually happening.

By Q4 FY25 (February 2026), the picture was complete. FY2025 delivered record net profit at RM151 million - 22% above FY2024. The quarter itself (RM50.5 million profit) was the highest quarterly profit in the company's history. The order book was healthy at RM1.38 billion, with four geographic contributors (Singapore, Malaysia, China, Germany), not two. The dividend was raised sharply to 13 sen (vs 8 sen in FY2024), signalling management confidence in the earnings trajectory. The FY2026 guidance - double-digit net profit growth - was issued from a position of demonstrated delivery.

"We are pleased to have delivered record net profit in FY2025, backed by a favorable project mix and strong contributions from both our Advanced Engineering and Industrial Gases divisions." - Q4 FY25 briefing, February 26, 2026

Overall assessment: This is a management team that says specific things and then delivers them. The Germany timing prediction (Q3/Q4 2025) was met. The margin expansion thesis played out as guided. The Japan subsidiary and CCUS MoUs were executed as indicated. The order book replenishment was consistent with guidance. Where they have been more aspirational than precise is on the Industrial Gases growth ambition (30-50% of revenue within four years is a bold target that requires substantial capital deployment, and no concrete capacity expansion plan has been disclosed that would make this arithmetic work in the timeframe). But on the core engineering business and the international expansion story, management has consistently delivered what they said they would.

The one miss was Intel Magdeburg: management had included Intel's German fab as one of the two major targets for RM2.5 billion in German tenders. Intel's withdrawal from Magdeburg eliminates one of those two clients. This was not something management could control, but it does mean the full RM700-800 million German win expectation will be harder to achieve than originally articulated.

Section 10: Shareholder Friendliness Index

Dividends - Three-Year Review

FY2023: Kelington paid quarterly dividends totalling approximately 5 sen per share, representing roughly a 25% payout ratio. The absolute payout was approximately RM26.3 million. Dividend payments were consistent across all four quarters, demonstrating a commitment to regular distributions even in a year of business transition.

FY2024: Total dividend declared rose to 8 sen per share across four quarterly payments. The increase reflected the strong profit uplift driven by the Industrial Gases division and favourable project mix. The payout ratio remained conservative relative to earnings - management was retaining capital to fund international expansion and the Ace Gases 100% acquisition (RM35.69 million for the remaining 9.29% stake completed in November 2024).

FY2025: Kelington declared FY2025 DPS of 13 sen per share - a 62.5% increase year-on-year, confirmed by analyst sources. The FY2025 dividend programme comprised four quarterly payments (including special interim dividends) with ex-dates falling at: March 25, 2025 (2 sen); June 30, 2025 (2.5 sen); September 30, 2025 (4 sen including 1.5 sen special); and April 9, 2026 (4 sen including 1.5 sen special for Q4 FY25). The payout ratio moved to approximately 71% in FY2025, per StockAnalysis data. This is a meaningful shift - the company was distributing a much larger fraction of earnings to shareholders while still funding growth.

The 3-year dividend CAGR from FY2023 (~5 sen) to FY2025 (13 sen) is approximately 61%, which is unusually high. This reflects both strong earnings growth and a deliberate decision to increase the payout ratio.

Share Buybacks

No share buyback programme has been identified or confirmed in available public disclosures for the three-year period. The company has been a net issuer of shares through the KGB-WB warrant programme (Warrants 2021/2026). These warrants are exercised periodically - in one disclosed instance, 3.22 million shares were issued at RM1.38 per exercise. As at late 2025, total shares outstanding were approximately 777 million. The warrant exercise programme has created modest, gradual dilution over the warrant life (2021-2026). The Q2 FY25 result noted that shareholders' equity rose in part due to "exercise of warrants" - confirming dilution has been ongoing.

The net effect is that Kelington has been returning capital through dividends (growing rapidly) while simultaneously diluting shareholders modestly through warrant exercises. The dividend growth has been large enough to more than compensate, but the absence of buybacks means there is no programme to offset warrant-related dilution.

Summary: Kelington is a modestly shareholder-friendly company that has paid growing dividends consistently and at an accelerating rate in FY2025. The warrant programme creates some dilution that partially offsets this. No buyback activity found. The rapid DPS growth (61% CAGR over 3 years) is the standout positive. The payout ratio at 71% in FY2025 leaves moderate room to sustain this if earnings hold but relatively little room to further increase the ratio.

Note: Exact dividend per share for FY2023 is based on analyst/secondary sources and should be verified against the FY2023 Annual Report (available on kelington-group.com). The Kenanga analyst note dated February 26, 2026 confirmed FY2025 DPS of 13 sen vs FY2024 of 8 sen.

Section 11: Scenarios

Bull Case

In the bull scenario, Kelington is the company that gets the timing exactly right on two multi-year investment waves simultaneously.

The European Chips Act generates a second wave of fab orders from ESMC Dresden beyond the current RM157 million - perhaps RM300-400 million cumulatively through 2027. New European customers (Intel, if Magdeburg is revived under different ownership; TSMC expansions; other EU-based fabs) begin qualifying Kelington and the European pipeline of RM1.54 billion converts at a 30-35% win rate over three years. Meanwhile, the India Semiconductor Mission accelerates - one or two flagship fabs reach final investment decision and Kelington, having established relationships during the current tender phase, wins the UHP contracts for the first projects.

Japan converts from conversations to contracts: Rapidus places orders with Kelington for its 2nm fab buildout in Chitose, Hokkaido, as construction ramps toward the 2027 production target, and Micron's Hiroshima DRAM expansion generates additional hook-up work. Japan becomes a third new geography generating meaningful revenue.

On the Industrial Gases side, Kelington deploys capital into on-site gas generator projects at scale - signing five to eight new 10-year contracts with semiconductor customers in Malaysia and Singapore, building a recurring revenue base that is insulated from project cyclicality. The green hydrogen pilot projects progress to commercial scale, and Kelington is positioned as an early mover in Malaysia's CCUS programme with recurring operations and maintenance contracts from hard-to-abate sectors.

The result is a business where Advanced Engineering revenues grow strongly with geographic diversification, where Industrial Gases reaches 20-25% of group revenue (a step toward the 30-50% target), and where total group profitability compounds at double-digit rates for multiple consecutive years. The dividend continues to grow, and the warrant-related dilution is absorbed by earnings growth.

Base Case

The base case is a business that continues to execute on its stated priorities without dramatic acceleration or disruption.

The ESMC Dresden relationship grows steadily - Kelington delivers the committed projects well and converts more of the RM2.5 billion German pipeline as additional scopes are awarded through 2026-2027. Europe contributes a meaningful and growing share of revenue but doesn't transform the business overnight. India remains in the relationship-building phase through 2026, with the first contract wins coming in 2027 as fab construction timelines clarify. Japan generates its first small contract in late 2026 or 2027.

Malaysia and Singapore continue to anchor the business - National Semiconductor Strategy investments keep the domestic pipeline healthy, and Singapore's established fab base (Micron, GlobalFoundries) generates steady expansion work. China stabilises at a lower contribution than its 2022 peak but remains a meaningful segment.

Industrial Gases grows incrementally - two to three new on-site generator contracts are signed per year, LCO2 operates near full capacity, and the CCUS and green hydrogen initiatives move through feasibility studies. Industrial Gases reaches 14-18% of group revenue by 2028, short of the 30-50% ambition but still growing.

FY2026 delivers the guided double-digit profit growth, driven by the Q4 FY25 revenue ramp flowing through. The order book maintains healthy cover. Dividends grow modestly.

Bear Case

The bear case is a business caught in a trough between waves.

The semiconductor investment cycle turns down sooner than expected - US-China trade tensions escalate to a point where Chinese chip investments are frozen, key Singapore fabs defer expansion, and global equipment spend contracts. The Malaysian pipeline slows as National Semiconductor Strategy projects slip timelines. Kelington's order book declines from its current RM1.38 billion level as project awards dry up.

Europe disappoints: Intel Magdeburg stays cancelled, ESMC Dresden's ramp slows due to construction complexity or demand uncertainty, and other European Chips Act fabs take until 2028-2030 to reach construction-ready status. The European tender book's 33% weighting becomes a liability rather than an opportunity as conversions stall.

India remains a pipeline rather than revenue: regulatory approvals for new semiconductor fabs in India take longer than expected, and the tender book does not convert to orders through 2026-2027. Japan contracts do not materialise because Rapidus's ambitious 2027 timeline slips and Micron's project is rescoped.

At the same time, the Industrial Gases growth requires capital that management must deploy carefully in a softer environment. The green hydrogen and CCUS initiatives prove slower to commercialise than hoped as government funding is delayed and customer offtake agreements are hard to close.

In this scenario, Kelington's FY2025 record profit proves to be a near-term peak rather than an inflection point. The company remains fundamentally sound - the UHP skills, the Ace Gases platform, and the international subsidiary infrastructure all retain their long-term value - but the earnings trajectory flattens rather than compounding, and the premium implied by the double-digit growth guidance proves difficult to sustain. Management's credibility holds because they have not over-promised, but the bear case is simply that the macro environment conspires against the timing of their expansion investments.

Sources:

• Kelington Group Annual Report 2024
• Kelington 4QFY25 Corporate Presentation (Feb 26, 2026)
• Kelington Saw Record Profit For 2025 Of RM151 Million - Business Today
• Kelington's Q3 Profit Jumps 25% - The Sun
• Kelington Declares Special Dividend as 3Q Net Profit Rises 25% - The Edge Malaysia
• Kelington in a Sweet Spot to Ride Semiconductor Up Cycle - KLSE Screener
• Kelington Poised For Share Price Re-Rating After Major European Win - Business Today
• Kelington Q2 2025 Press Release
• Kelington Positions Itself for New Markets via Hong Kong and Germany - KLSE Screener
• Kelington Accepts 10-Year On-Site Industrial Gas Contract - The Edge Malaysia
• Kelington to Acquire Remaining Stake in Ace Gases - The Edge Malaysia
• Ace Gases Starts Second LCO2 Plant - Gasworld
• Kelington Dividend History - StockAnalysis
• Positioning Malaysia as a Global Leader in Industrial Gases - MIDA
• ESMC Breaks Ground on Dresden Fab - TSMC
• Upbeat on Kelington Backed by Market Expansion Plans - Business Today
• KGB Overview - I3investor
• Kelington Group Company Profile - Kelington-group.com