[%KQpJ%] Corporation
Research by HLIB
BUY– TP RM3.64

" Getting there”

IJM announced double contract wins worth RM561m comprising of a DC project in Johor and an industrial project in Penang. Its DC project JV has positive strategic implications while presence up north could yield more wins in the semi/industrial space riding on NSS. Both wins takes contract flows in FY25 YTD to RM1.9bn, lifting its unbilled construction orderbook to a commendable RM7.9bn. Projects in the pipeline looks healthy bolstered by NPE 2.0, Nusantara PFI, DC/industrial and domestic infra. No change to forecasts. Maintain BUY rating with unchanged TP of RM3.64. 

Analyst:
Edwin Woo, CFA
[%ziQQ%]

$KLSE-IJM Corporation
Research by HLIB
BUY– TP RM3.64

" Getting there”

IJM announced double contract wins worth RM561m comprising of a DC project in Johor and an industrial project in Penang. Its DC project JV has positive strategic implications while presence up north could yield more wins in the semi/industrial space riding on NSS. Both wins takes contract flows in FY25 YTD to RM1.9bn, lifting its unbilled construction orderbook to a commendable RM7.9bn. Projects in the pipeline looks healthy bolstered by NPE 2.0, Nusantara PFI, DC/industrial and domestic infra. No change to forecasts. Maintain BUY rating with unchanged TP of RM3.64. 

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my