IJM Corp; Buy
Price Target: RM6.70; IJM MK
All eyes still on WCE
4QFY13 profit below expectation, dragged by higher tax rate. Property remained the star, construction margins doubled. WCE remains a key catalyst. Maintain BUY rating and SOP-derived RM6.70 TP

BIMB Holdings Berhad; Hold
Price Target: RM3.90; BIMB MK
Driven by lower provisions and taxes
1Q13 net profit was in line, driven by lower provisions and taxes. Expect loan growth to moderate and loan recoveries to taper off. Maintain HOLD rating and RM3.90 TP

IGB REIT; Hold
Price Target: RM1.40; IGBREIT MK
Stronger margins
1Q13 net profit within our and market expectations. NPI margin improved 2.9ppt led by key assets. Underrented Gardens Mall to drive growth, but limited asset pipeline in the near-term. Maintain HOLD rating and RM1.40 TP

IJM Plantations; Hold
Price Target: RM3.00; IJMP MK
Hold for long-term growth
4QFY13 profit within our estimate but below consensus’. Strong 3-year FFB production CAGR of 18% to buffer against low CPO price. Declared 7sen interim DPS. Maintain HOLD rating and RM3.00 TP

UEM Land; Hold
Price Target: RM3.35; ULHB MK
Boosted by one-off land sales
1Q13 result within our expectation but below consensus’. RM3.55bn unbilled sales to sustain earnings momentum. Maintain HOLD rating and RM3.35 TP