Bursa Malaysia Stock Watch

IJM Corporation (Hold): Impacted by forex loss

kltrader
Publish date: Tue, 29 Nov 2011, 10:34 AM
kltrader
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Headline net profit below expectation. 1HFY12 headline net profit of RM190m (-6% YoY) included a RM27m unrealised forex loss at the infrastructure business. Ex- the forex loss, core net profit of RM217m (+11% YoY) was in line, at 47% of our full-year forecast. Construction earnings stay uninspiring while major contributors are still property and plantation. We adjust down our FY12 net profit forecast for the forex loss, and RNAV-based TP to RM6.20 (-5%). The stock remains a Hold.

Maybank research (29 November 2011)

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