IJM

[winston]

not vested

Analysts positive on IJM Corp's investment in JRL as it paves way to UK construction jobs

By Myia S Nair

With JRL having a substantial order book of £1.5 billion (RM8.5 billion), and expertise in rail-adjacent and over-railway development, the acquisition is expected to bolster IJM’s foothold in the UK.

Acquiring a 50% stake in JRL for £50 million.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/735454

[winston]

vested

IJM Corp to ride on construction division

Source: The star

https://www.thestar.com.my/business/bus ... n-division

[winston]

vested

2QFY25: Contruction Continues To Shine

IJM’s 1HFY25 results beat our expectations on higher-than-expected construction earnings.

Otherwise, property contribution remained soft in 1HFY25 due to delayed launches while the infrastructure segment reported losses due to a higher share of losses from overseas associates.

Looking forward, margins are expected to improve as IJM recognises construction milestones in key projects.

Maintain BUY with an unchanged target price of RM3.60 as we reconfigure our SOTP valuation.

Source: UOBKH

https://39646150.fs1.hubspotusercontent ... 0(IJM%20MK)%20241128.pdf?utm_medium=email&_hsenc=p2ANqtz-_0RJpjpsAfmPWuLtI0cMMLrm6zfNOU0G3PysVzXuhCdMvnRHRMXgnSHUqrWcIbVzt420ZAF535ZoybxFD5oal6Eqp9lg&_hsmi=336033051&utm_content=336033051&utm_source=hs_email

[winston]

vested

Data centre jobs remain intact despite US export rules — IJM Corp

By Syafiqah Salim

IJM Corp is actively pursuing three data centre jobs in the country.

Data centre-related contracts account for about 15% of IJM’s RM6 billion outstanding order book.

IJM is currently building two data centres in Gelang Patah, Johor under a RM508 million contract with a joint venture partner.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/744098

[winston]

vested

3Q Results

Revenue: +4%; RM 1.5b
EPS: +13%; RM 113m
Net Asset: RM 2.90

https://www.bursamalaysia.com/market_in ... id=3528358

https://disclosure.bursamalaysia.com/Fi ... TTACHMENTS

[winston]

vested

IJM Corp’s 3Q profit rises 13%, sees stronger growth from construction, property divisions

By Syafiqah Salim

IJM Corp Bhd (KL:IJM) reported a 12.9% year-on-year increase in net profit for the third quarter ended Dec 31, 2024 (3QFY2025), driven by higher construction activities and a land sale in Penang.

IJM expects a steady performance in the property sector, backed by RM1.6 billion in unbilled sales.

It also anticipates another solid year for its industry division, supported by demand for industrial buildings, data centres, and semiconductor facilities.

The group said toll operations are expected to provide recurring revenue, though newer highways are still in their gestation period.

Meanwhile, the port business is likely to face headwinds due to weaker steel exports.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/746137

[winston]

3QFY25: Shortfall

Lowering TP to MYR3.35; maintain BUY

IJM’s 9MFY25 core net profit was MYR353m, we est., at 68% of our FY25 forecast with the shortfall coming from assoc-WCE (widened losses).

We lower FY25-27E core net profit forecasts by 5%-12% on raising our FY25E loss forecast for WCE, and lowering our construction job win and property sale assumptions for FY25E.

Our new RNAV-TP is MYR3.35 (-25sen).

BUY maintained; we continue to like IJM for its diversified base in construction, industry (piles & RMC products), property, port and toll roads.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/440879.pdf

[winston]

vested

Unjustified valuation gap with competitors

Key highlight: strong pipeline may lead to surge in FY26F new wins.

Valuation gap differential between IJM and Gamuda, Suncon unjustified at 5year high.

Reiterate Add and SOP-based TP of RM3.80.

Source: CGS

https://rfs.cgsi.com/api/download?file= ... 4A0874A0E3