(IJM MK/BUY/RM3.50/Target: RM3.95)

IJM reported a 4QFY17 core net profit of RM136.0m, bringing its FY17 core net profit to RM572.5m which accounts for 97% of our full-year estimate. The construction, property and industrial divisions were the key drivers of earnings growth, while the plantation and infrastructure divisions were key drags. Key near-term catalysts include further contract wins and improving throughput at its port operations. Maintain BUY. Target price: RM3.95.

Source: UOB Kay Hian Research - 26 May 2017