IJM

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IJM Corp’s quarterly profit drops to near four-year low on large forex loss of RM61 mil

By Justin Lim

86.1% fall in quarterly net profit, dragged by substantially higher unrealised foreign exchange losses of RM60.8 million.

Net profit for the third quarter ended Dec 31, 2025 (3QFY2026) fell to RM15.76 million from RM113.34 million a year earlier,

The sharp earnings decline was also attributable to the property development division, which swung to a RM42 million pre-tax loss amid softer sales and the absence of a prior-year land sale gains.

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IJM Corp’s quarterly profit drops to near four-year low on large forex loss of RM61 mil
IJM Corp’s quarterly profit drops to near four-year low on large forex loss of RM61 mil
By Justin Lim / theedgemalaysia.com
26 Feb 2026, 07:48 pm
Updated - 07:50 pm

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KUALA LUMPUR (Feb 25): IJM Corporation Bhd (KL:IJM) has reported an 86.1% fall in quarterly net profit, dragged by substantially higher unrealised foreign exchange losses of RM60.8 million.

Net profit for the third quarter ended Dec 31, 2025 (3QFY2026) fell to RM15.76 million from RM113.34 million a year earlier, according to a bourse filing on Thursday. It is the group's lowest since 4QFY2022 when the group posted a net profit of RM1.47 million.

The huge unrealised forex losses in 3QFY2026 compares with losses of RM3.5 million a year earlier.

The sharp earnings decline was also attributable to the property development division, which swung to a RM42 million pre-tax loss amid softer sales and the absence of a prior-year land sale gains.


Quarterly earnings per share dropped to 0.45 sen from 3.23 sen in 3QFY2025.

IJM Corp, which is the subject of a takeover bid by Sunway Bhd (KL:SUNWAY), saw its revenue rise 4.24% to RM1.61 billion from RM1.54 billion in 3QFY2025, supported mainly by stronger contributions from the construction and manufacturing & quarrying divisions.

No dividend was declared during the quarter.

For the nine months ended Dec 31, 2025, IJM Corp's net profit fell 35.45% to RM177.14 million from RM274.43 million a year earlier, despite revenue climbing 12.4% to RM5.01 billion from RM4.46 billion.

The group said it expects weaker results for the full year compared with FY2025, citing softer property market conditions due to weaker consumer sentiment.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/794226

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3336 IJM (ACCEPT Unchanged)
Sluggish 3Q

IJM’s 9MFY26 core PATAMI of RM289.4m (-18.2%) came in below our and consensus expectations due to incubation costs and development expenses incurred by the property segment.

Overall, industry and construction segments exhibited strong numbers offset by weaker property and port contribution.

Merger and MACC hangover could lead to slower construction wins momentum.

Port throughput is expected to stay sluggish in 4QFY26 before recovering gradually in FY27.

Toll volumes remained healthy.

Cut FY26f/27/28f core PATAMI by -16.9%/-7.7%/-8.9%.

Reiterate ACCEPT to the ongoing offer.

Source: HLIB

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IJM board concurs, urges shareholders to reject Sunway offer

The independent advice circular (IAC) assessed the fair value of IJM shares in the range of RM5.84 to RM6.48 per share.

IJM’s financial adviser Rothschild & Co Malaysia Sdn Bhd estimated the group’s indicative equity value at RM16.81bil to RM19.72bil, equivalent to RM4.80 to RM5.63 per share.

Source: The Star

https://www.thestar.com.my/business/bus ... nway-offer

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Still a sound offer

By FINTAN NG

Laid out plans to list the Malaysian and Singaporean construction assets, exit the Indian market where the company has infrastructure and property assets and monetise mature highway assets such as Besraya and Lekas.

Source: The Star

https://www.thestar.com.my/business/bus ... ound-offer

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IJM plans India exit to unlock shareholder value

IJM plans to exit its India investments by monetising two toll highways and three property developments in the country.

Over the past three years, our India operations recorded losses of about RM184 million.

On the UK investments, he said the group has been actively investing for the past two years. The two key assets are the 88 Royal Mint Street development and 25 Finsbury Circus.

Source: The Star

https://www.thestar.com.my/business/bus ... lder-value

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3336 IJM ((ACCEPT (Maintain))
Maiden win for FY27

IJM has secured a RM658m contract from SDP for core and shell work of a hyperscale DC project located in Elmina.

This maiden job win in FY27 lifts its outstanding orderbook to c.RM9.0bn (2.8x cover on FY26e revenue).

We expect IJM to also clinch the MEP package for this DC from the hyperscale client.

No change to forecasts. We reiterate our ACCEPT recommendation to investors ahead of the looming VGO deadline (6 Apr) and rollover their investments into the Merge-Co to ride on further upside as synergies gradually materialise.

Source: HLIB

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3336 IJM (BUY)
Moving ahead alone

Overnight, Sunway announced that its conditional VGO for IJM has lapsed after failing to meet the condition of securing over 50% stake in IJM.

We view that takeover attempt has created a strong sense of urgency for IJM’s management to expedite its value unlocking initiatives.

Spin-off listing of construction arm requires the group to display solid margin execution, increasing DC exposure and robust order replenishment outlook.

With property sales likely to remain sluggish, a greater focus on monetising idle land and pursuing quicker turnaround projects will be key to enhancing its ROE profile.

Exit from Indian market would also be well-received by investors.

Cut our FY26/27/28f earnings forecasts by 5%/7%/7% after recalibrating our margin assumptions and reinstate our BUY rating with TP of RM3.20 (from RM3.15).

Source: HLIB

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Bullish Tracker : 3336 IJM (TRADING BUY)
Uptrend intact; A decisive breakout above RM2.46-2.53 hurdles will catapult upside toward RM2.73

IJM has corrected 27.6% from RM2.97 (YTD peak on 13 Jan) to a low of RM2.15 (31 Mar), weighed down by Middle East tensions and the aborted RM11bn conditional VTO by Sunway (RM3.15/share).

The stock has since rebounded 7.9% to RM2.32, suggesting early base formation, underpinned by a double-bottom pattern and firm support above the long-term uptrend line.

A decisive breakout above the RM2.46–RM2.53 resistance cluster (50% FR & 150-day MA) would confirm a bullish reversal, opening the path to RM2.62 (38.2% FR), RM2.73 (30% FR) and RM2.82 (23.6% FR).

Key supports are pegged at RM2.23 (200-week MA), followed by RM2.15 and RM2.00. Stop-loss at RM2.13.

Source: HLIB

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IJM Corp aims to list construction business by 2027, says Kenanga

IJM has outlined a plan to boost shareholder value, including monetising part of its vast land bank and rationalising its India portfolio, and the sale or listing of the toll road assets.

“The strategic exit from India involves a two-year window to optimise disposal gains,” Kenanga said. “With book value already reflecting market levels, we expect the divestment to be realised profitably without the risk of heavy impairments.”

Meanwhile, the plan for a potential listing or business trust of local toll assets, excluding the West Coast Expressway, may take longer as it requires authority approval over concession ownership, the research house noted.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/800959