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IJM ROAD TO GLORY!
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DATE: 06 DECEMBER 2017
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THE STOCK : IJM Corporation Berhad (RM3.02)
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Target Price : RM3.30 (immediate)
Warrant : IJM-C11 (0.05cts) : TP 'Jackpot'
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WHAT KIM SAY?
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"Will be among BEST of the BEST once our market turning to bullish and stable on this X-mas month..Good luck! " - Kim Spartan
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THE PROFILE
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IJM is one of Malaysia's leading conglomerates and is listed on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities"). Its core business activities encompass construction, property development, manufacturing and quarrying, infrastructure concessions and plantations. Headquartered in Selangor, Malaysia, IJM's regional aspirations have seen it establish a growing presence in neighbouring developing markets with operations presently spanning 10 countries, with primary focus in Malaysia, India, United Arab Emirates, China and Indonesia. IJM's phenomenal growth over the past three decades has been the result of its unwavering focus on its core competencies, diversification into strategically related businesses and selective expansion into new markets.
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THE KEYNOTE
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JANUARY 2017
IJM - IJM Corp Bhd’s indirect subsidiary Cypress Potential Sdn Bhd (CPSB) has taken over the operator of Sebana Cove Resort, private marina and golf course developed by CPSB in Pengerang, Johor.
FEBRUARY 2017
IJM - IJM Corp Bhd’s net profit dropped 46% to RM138.36 million or 3.84 sen per share for the third quarter ended Dec 31, 2016 (3QFY17), from RM256.1 million or 7.17 sen per share a year earlier. Revenue rose 11% to RM1.6 billion, from RM1.44 billion in 3QFY15.
IJM - IJM Corp Bhd has clinched a construction job from MFBBCC Retail Mall Sdn Bhd worth RM1.16bil. Its wholly owned subsidiary IJM Construction Sdn Bhd had accepted the letter of award from MFBBCC Retail Mall for the design and build of the retail mall substructure and superstructure works with associated local infrastructure and landscaping works (Parcel 1, Phase 1 of the Bukit Bintang City Centre Development) at Jalan Hang Tuah/Jalan Pudu, Kuala Lumpur.The construction period of the project is 40 months.
MAR 2017
IJM - IJM Corp Bhdare set to be the potential beneficiaries of the largest double tracking rail project the East Coast Rail Link (ECRL), due to their strong rail expertise, according to analysts.
IJM - IJM Corp Bhd has established a private vehicle to invest up to 74% stake in Dewas Bypass Tollway Pte Ltd, a highway concessionaire in India. The concessionaire is involved in the widening and upgrading of the 19.8km Dewas Bypass Road in Madhya Pradesh, India, to a four- and six-lane highway. The works are to be done on a design, build, operate and transfer basis.
MAY 2017
IJM - IJM Perennial Development Sdn Bhd, a joint venture between IJM Corp Bhd and Perennial Real Estates Holdings Ltd, has unveiled The Light City, a large-scale integrated mixed-use waterfront development in Gelugor, Penang. Positioned as Penang’s premier integrated waterfront precinct, The Light City will have a total gross development value of over RM4.5 billion, said IJM Perennial Development in a statement.
IJM - IJM Corp Bhd is set to take part in a property development project in Nagpur, the third biggest city in the Maharashtra state of India. To do so, it has incorporated IJM Realty (Mauritius) Ltd (IJMRM) as a wholly-owned subsidiary of IJM Investments (M) Ltd, according to its Bursa Malaysia filing today. The latter is a wholly-owned unit of IJM. IJMRM, in turn, will be investing up to 100% in Nagpur Integrated Township Private Ltd, a special purpose vehicle undertaking the project.
IJM - IJM Corp Bhd's net profit for the fourth quarter ended March 31, 2017 (4QFY17) jumped by more than five times to RM236.0 million from RM44.23 million a year earlier. This followed improved earnings at the group's construction, property development, manufacturing and quarrying, and plantation divisions. Revenue swelled by 43.03% to RM1.67 billion from RM1.17 billion in 4QFY16.
IJM - IJM Corp, Malaysia’s biggest builder by revenue, may spin off its infrastructure unit and sell some non-core assets as part of a plan to focus on growing its main revenue-generating businesses. The company may also consider paring its 56% stake in IJM Plantations Bhd. through local or foreign partnerships that could contribute to a larger landbank for the unit.
JUNE 2017
IJM - Mass Rapid Transit Corp Sdn Bhd (MRT Corp) has awarded a RM342.18 million contract to IJM Construction Sdn Bhd. The contract involves building stations along the MRT Sungai Buloh-Serdang-Putrajaya (SSP) Line.
JULY 2017
IJM - IJM Corporation Bhd’s (IJM) acquisition of a 37-acre land in Seberang Perai is expected to raise the group’s net debt and gearing but analysts believe that the purhcase would also boost the group’s outstanding gross development value (GDV). IJM had proposed to acquire the entire equity stake in Giant Hectares Sdn Bhd (GHSB) from private company Asean Development Sdn Bhd for RM250,000 cash.
IJM - IJM Corporation Bhd's unit has secured a RM450.89mil contract from UOB Properties (KL) Bhd to design and build an office tower along Jalan Raja Laut here.
AUGUST 2017
IJM - IJM Corp Bhd's net profit grew 9% to RM126.4 million or 3.49 sen per share for the first quarter ended June 30, 2017 (1QFY18), from RM115.52 million or 3.22 sen per share in the previous year's corresponding quarter. Its quarterly revenue grew 12% to RM1.47 billion from RM1.31 billion a year earlier.
IJM - IJM Corp Bhd’s property unit, IJM Land Bhd, plans to launch properties worth RM750mil in the 2018 financial year. The take-up rate was anticipated to be good for its Bandar Rimbayu, Shah Alam, Seremban 2 project while its Riana South, Cheras project currently enjoyed a take up rate of 60%.
NOVEMBER 2017
IJM - IJM Corp Bhd is constructing an office building for HSBC Bank Malaysia Bhd in Kuala Lumpur city centre, at a contract sum of approximately RM392 million. IJM said its subsidiary IJM Construction Sdn Bhd was appointed by HSBC as the contractor for design, construction and completion works of the office building on Jalan Tun Razak.
IJM - IJM Land Bhd will be launching seven projects with a total gross development value (GDV) of RM1.2bil over the next few months. The property developer launched seven projects close to RM1bil in the first half of its financial year ending March 31, 2018 (FY18).
IJM - IJM Corp Bhd has won a RM378 million design-and-build contract for a corporate office tower in Damansara Uptown. IJM Corp said its wholly-owned unit, IJM Construction Sdn Bhd, was awarded the contract by property developer See Hoy Chan Sdn Bhd Group's subsidiary Damansara Uptown Retail Centre Sdn Bhd.
IJM - IJM Corp Bhd’s unit, Kuantan Port Consortium Sdn Bhd, and Hong Kong-listed NewOcean Energy Holdings Ltd’s subsidiary, NewOcean Energy (M) Sdn Bhd, have signed land sub-lease and terminaling agreements for the development of an oil refinery complex at Kuantan Port at an estimated cost of RM5.1bil.
IJM - IJM Corp Bhd is developing a RM500 million office tower at the Tun Razak Exchange (TRX) here. This follows a share sale and purchase agreement signed today, which sees IJM acquiring Fairview Valley Sdn Bhd (FVSB), a subsidiary of TRX City Sdn Bhd that is building a 27-storey purpose-built commercial building at TRX. TRX City is the master developer of the upcoming international financial district.
IJM - IJM Corp Bhd has bagged a RM1.5 billion (2,325 crore rupees) contract to develop the Solapur-Bijapur section of the new National Highway 52 between the states of Maharasthra and Karnataka in India. At RM1.5 billion, the four-lane, 109.08km tollway will be the largest Indian project undertaken by IJM in value. IJM said it has accepted the letter of award from the National Highways Authority of India (NHAI) for the project, which will be on a design, build, finance, operate and transfer basis.
IJM - IJM Corporation Bhd's second quarter net profit fell 32.4% to RM110.9 million or 3.06 sen per share, from RM163.9 million or 4.55 sen a share a year ago, on a lower contribution from the manufacturing and quarrying, and plantation divisions. The decline was also due to the non-recurrence of a one-off gain of RM27.9 million that was contributed by an associate previously, IJM Corp said in a filing to Bursa Malaysia.
DECEMBER 2017
IJM - IJM Corp Bhd announced its wholly-owned IJM Construction Sdn Bhd has entered into a pre-bid agreement with three companies to participate in the tender for the Kuala Lumpur-Singapore High Speed Rail (HSR) project.
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THE FINANCIAL
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THE TOP 5 SHAREHOLDERS (Ended 31st Oct 2017)
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| No. | Top 5 Shareholders | Shareholdings | % |
|---|---|---|---|
|
1 |
Citigroup Nominees (Tempatan) Sdn Bhd |
412,028,978 |
11.36% |
|
2 |
Amanahraya Trustees Berhad |
212,290,700 |
5.85% |
|
3 |
Lembaga Tabung Haji |
209,477,900 |
5.77% |
|
4 |
Kumpulan Wang Persaraan (DIPERBADANKAN) |
134,954,200 |
3.72% |
|
5 |
Amanahraya Trustees Berhad |
117,469,000 |
3.24% |
*** ENDED 31st OCTOBER 2017
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Kim Stockwatch
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