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Affin Research maintains Buy on IJM Corp

KUALA LUMPUR: Affin Research has maintained its Buy call on IJM Corp with a target price of RM7.04 in view of IJM’s better order book visibility and future prospects.

In a note on Tuesday, Affin said in addition to better order book visibility, the group’s profits will also be underpinned by better CPO ASP and higher FFB production; strong property sales and large unbilled property sales of RM2bil, stronger orders for its concrete products; and good port throughput and improving traffic volumes for its Malaysian toll operations.

“KEuro announced that its 80%-owned subsidiary, West Coast Expressway Sdn Bhd (WCESB) had on 23 December 2013 received a written confirmation from the Government of Malaysia (GOM) that WCESB has complied with all the conditions precedent in respect of the Concession Agreement (CA) for the West Coast Expressway project and the effective date of the CA is on 20 December 2013. With the confirmation of the effective date, WCESB can commence work for the project,” it said.

Affin said this long-delayed confirmation is a major positive news flow for IJM Corp, which has a 25.1% stake in KEuro and a 20% stake in WCESB.

“We expect IJM Corp to be appointed the project manager and main contractor, and to secure RM3.5bil worth of contracts over five years for the WCE project.

“The group’s construction order book is expected to be further boosted by another RM3bil worth of jobs from the Kuantan Port New Deep Water Terminal project,” it said.
04 Jan 2014, 01:03 PM
O'Mighty Capital had some comments on the recent toll hike.

See it here
15 Oct 2015, 08:26 PM