Secured RM505.0m job. IJM Construction Sdn Bhd, a wholly-owned subsidiary of the Company, has accepted the Letter of Award issued by Affin Bank Berhad for the construction of 47-storey office building for a sum worth RM505.5m at Tun Razak Exchange, Jalan Tun Razak, Kuala Lumpur.
Scope. The construction and completion of superstructure which usually involves the construction of frame, upper floors, stairs and ramp, external and internal wall, windows and doors.
Duration. The duration of the job is 26 months and will expect to be completed before December, 2020
Orderbook increased to over RM9.3bn. With this new contract, the estimated orderbook increased accordingly to RM9.3bn or +5.6%.
Impact on Earnings. Altogether the impact is positive and falls within our job replenishment assumptions hence we make no changes to our earnings forecasts at this juncture.
Recommendation. Due to recent market sell-off, the share price of IJM is at an attractive level. Hence, we maintain our BUY recommendation with an adjusted TP of RM3.10 per share based on FY18 sum-of-parts valuation.
Source: MIDF Research - 5 Sept 2018
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IJMCreated by sectoranalyst | Dec 23, 2020
Created by sectoranalyst | Dec 22, 2020
Created by sectoranalyst | Dec 18, 2020