IJM Corp; Buy; RM5.51
Price Target: RM6.60 (Prev RM6.70); IJM MK
A mixed bag, property delivers

1Q lifted by sale of Trichy highway. On track to hit RM2bn in property sales for FY14F. WCE on track to achieve financial close. BUY, TP nudged down to RM6.60 based on SOP.

IJM Plantations; Hold; RM2.93
Price Target RM3.30 (Prev RM3.50); IJMP MK
Hit by high costs

1QFY14 results disappointed as higher upkeep costs and overheads, and weak CPO price crimped earnings. Slashed FY13-16F earnings by 16%/6%/4%. Maintain HOLD with revised TP of RM3.30.

Lafarge Malaysia Bhd; Hold; RM9.11
Price Target RM8.70 (Prev RM9.40); LMC MK
Pricing pressure still apparent

1H13 earnings below our and market estimates; margins fell on lower net selling prices and higher costs. Declared 8sen DPS, implying 84% payout. Cut FY13-15F earnings by 6-8%; high rebates a key concern but should ease in FY14F. Maintain HOLD with lower RM8.70 TP.

Parkson Holdings Bhd; Hold; RM3.30
Price Target RM3.30 (Prev RM4.45); PKS MK
Slowdown in all markets

4Q13 net profit of RM30m was below expectation. Earnings were dragged by weaker consumer spending in China and Malaysia. Cut FY14-15F EPS by 22%-39% to reflect slower earnings growth at all key markets. Maintain HOLD with RNAV-based RM3.30 TP.

Source: HwangDBS Research - 28 Aug 2013