IJM Corp chalked a higher core net profit at RM205.7m (+39.4% YoY), attributed to strong performance of its property and infrastructure divisions. Both divisions reported >100% YoY improvement in earnings at pre-tax level on the back of healthier property sales margins, coupled with higher number of cargo throughputs and better ship revenue from increased tariff. Cumulative 6MFY24 core net profit is above ours and street estimates, accounting for 61.4% and 57.5% respectively. IJM’s YTD new wins represent 93.2% of our initial FY24 orderbook replenishment assumption of RM3bn. Hence, we revise our FY24 construction orderbook replenishment assumption to RM4.3bn (+43%) given the better than expected jobs replenishment. As such, we raise our FY24-26F earnings by +18% on average per annum adjustments made to our billings and margins. All said, we maintain our Outperform rating on IJM with a higher SOP TP of RM2.46 (from RM2.10 previously), pegged at 15x PER sector average.
Source: PublicInvest Research - 1 Dec 2023
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IJMCreated by PublicInvest | Jul 02, 2024