IJM bagged a job worth RM653.6m from Global Vision Logistic SB (GVL), marking its first job win in FY24. GVL is an associate company of Swift Haulage (42.5%), Aspen Group (12.5%) and 2 private entities (45%). IJM is appointed to build Phase 1A of Shah Alam International Logistic Hub involving a 4-storey logistic hub, 4- storey multilevel parking with 1-storey office and ancillary buildings. Including this job, the Group’s year-to-date new job win makes up 21.8% out of our FY24 orderbook replenishment assumption of RM3bn. Thus, we are leaving our forecasts unchanged for now. Nonetheless, the job is expected to contribute c. 4% per annum on average to the Group’s earnings during the estimated construction period of 26 months, assuming a high-single-digit margin. We maintain our Outperform call and SOTP derived TP of RM2.10, pegged at 15x PER sector average.
Source: PublicInvest Research - 27 Jun 2023
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