Bursa Malaysia Stock Watch
IJM Corporation: Maintain Hold - Taking a stake in WCE
kltrader
Publish date: Wed, 14 Mar 2012, 10:34 AM
kltrader
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This blog provides consolidated Bursa Malaysia stock market research, analysis, news and blogs from various sources. You can search and find all the past analysis and coverage on stocks and news by searching within this site. While this blog re-publishes contents from other sites, it does not own the rights nor responsible for the accuracy of the contents. If you disagree to your content from being published here, please add a comment, and your article will be removed from this site.
We are, at best, neutral on this development. IJM Corp's acquisition of a 20% stake in the WCE has lifted its effective stake to 38.2%. We are, at best, neutral on this acquisition with the WCE being a mix of green-and-brown field project and actual traffic volume, on tolling, may fall short of projections. Hence, the value proposition to IJM (apart from the construction works) is not visible, as at now. We maintain our Hold call on IJM with a RM6.20 RNAV TP which has not included the WCE.
Maybank Research 14 March 2012
Click here for full report
Maybank Research 14 March 2012
Click here for full report
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