IJM Corp’s 1QFY24 PATAMI improved >100% YoY. However, after stripping out exceptional items totalling RM34.2m, core net profit declined 12.5% YoY. The Group reported unrealised foreign exchange gains of RM42.2m from its property receivables from London. All in all, we notice better performance across all business divisions except for its core business division, construction – the division reported 42.4% YoY drop in pre-tax profit due to lower progress billings and high material costs. Despite Group 1QFY24 profit only accounting for 19.8% and 18.7% of our and consensus full year forecasts, we deem it as in line as we anticipate better earnings in the coming quarters, on the back of higher construction billings progress, improved margins for its industrial products and better cargo throughputs. No change to our earnings estimates. All told, we reiterate our Outperform call with an unchanged SOP TP of RM2.10, pegged at 15x PER sector average.
Source: PublicInvest Research - 29 Aug 2023
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