This comes on the back of back-to-back record high quarterly earnings, which brought FY20 core net profit to RM21.8mil.
Kenanga Research, which maintained its "outperform" recommendation at a target price of RM3.10, said the performance was above expectations at 162% and 143% of its and consensus full-year forecasts respectively.
"Despite a pandemic year, KGB managed to clinch RM490m new jobs in FY20, its highest ever in a year, chalking a solid 27% increase from RM386m in FY19.
"Such unparalleled track record coupled with its superior skill set will equip KGB with great advantage moving into FY21 which we strongly believe will be another year of tremendous earnings growth," it said.
It added that this was owing to the group's unique exposure to the front-end wafer fabrication players, which are scrambling to expand capacity amid the current global chip shortage.
Meanwhile, SMIC is requesting Kelington to speed things up at its Shanghai plant and hinted at more UHP-related job awards.
The group has a tender book of about RM900mil spread equally across Malaysia, China and Singapore with WD Penanga, Micron SG, Lam Research, Bosch and B Braun looking to expand capacity in Penang.
Kenanga maintained its FY21 core net profit forecast of RM31.3mil and introduced a FY22 core net profit forecast of RM35.5mil, representing 43% and 14% growth respectively.