Bursa Malaysia Stock Watch
IJM - HDBSVR maintains Buy on IJM, ups TP to RM6.20
kltrader
Publish date: Thu, 12 Aug 2010, 05:53 PM
kltrader
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Stock Name: IJM
Company Name: IJM CORPORATION BHD
Research House: HWANGDBS
KUALA LUMPUR: Hwang DBS Vickers Research is maintaining its Buy call on IJM Corp and raised the target price to RM6.20 with 24% upside.
It said on Thursday, Aug 12 that IJM has zero legacy jobs in its orderbook currently. 1Q FY11 (Apr-June) results due-end August will be the last quarter of more benign margins.
Hwang DBS Vickers Research said a more pronounced uptick in CONSTRUCTION [] margins will be seen from 2QFY11 onwards, driven by more meaningful contributions from RM545m Grand Hyatt (18% completed), RM640m Besraya, RM247m Mukah access roads and RM350m Penang approach roads.
'We expect robust property sales of RM300m-RM400m in 1QFY11 following RM1.2bn record sales in FY10.
'The strength was seen across its mass-market projects in Klang Valley, Penang and Sabah. For IJM PLANTATION []s, we are expecting a 55% on-quarter jump in 1Q FY11 earnings (excluding exceptional items), given RM100 rise in CPO average selling price, expected lower tax rate, and absence of impairment loss,' it said.
Company Name: IJM CORPORATION BHD
Research House: HWANGDBS
KUALA LUMPUR: Hwang DBS Vickers Research is maintaining its Buy call on IJM Corp and raised the target price to RM6.20 with 24% upside.
It said on Thursday, Aug 12 that IJM has zero legacy jobs in its orderbook currently. 1Q FY11 (Apr-June) results due-end August will be the last quarter of more benign margins.
Hwang DBS Vickers Research said a more pronounced uptick in CONSTRUCTION [] margins will be seen from 2QFY11 onwards, driven by more meaningful contributions from RM545m Grand Hyatt (18% completed), RM640m Besraya, RM247m Mukah access roads and RM350m Penang approach roads.
'We expect robust property sales of RM300m-RM400m in 1QFY11 following RM1.2bn record sales in FY10.
'The strength was seen across its mass-market projects in Klang Valley, Penang and Sabah. For IJM PLANTATION []s, we are expecting a 55% on-quarter jump in 1Q FY11 earnings (excluding exceptional items), given RM100 rise in CPO average selling price, expected lower tax rate, and absence of impairment loss,' it said.
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