Bursa Malaysia Stock Watch

IJM Corporation: Downgrade from Buy - No surprises in 3Q; to take a breather

kltrader
Publish date: Thu, 23 Feb 2012, 09:48 AM
kltrader
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Following Message
Downgrade to Hold. IJM's RM359m 9MFY12 core net profit (+36% YoY) is in line, at 77% of our full-year core net profit forecast of RM466m. The share price has outperformed, up 8% since we upgraded the stock to a Buy on 27 Jan 2012. With the share price nearing our RNAV-based target price of RM6.20, we now reduce the stock to a Hold. We believe much of the recent KVMRT job win and WCE concession potential has already been priced in.

Maybank Research 23 Feb 2012

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