[%CpGR%] 
Research by Public
Outperform – TP RM4.20

" Secures Two Contracts Worth RM561m”

 IJM Corp has secured two new contracts worth a total of RM561m, to build data centres in Johor and an industrial manufacturing facility in Penang. With these jobs win, the Group’s outstanding construction orderbook estimated to increase by 7.7% to RM7.9bn. From our estimates, these jobs would contribute about 2.8% per annum on average, from FY24-26F, based on certain levels of work completion each year. While positive on the contracts win, we keep our forecasts unchanged as this makes up part of FY25 orderbook replenishment assumption of RM5.0bn. We retain our Outperform call on IJM with an unchanged TP of RM4.20.

Analyst:
Denny Oh
[%Wazz%]

$KLSE-IJM 
Research by Public
Outperform – TP RM4.20

" Secures Two Contracts Worth RM561m”

 IJM Corp has secured two new contracts worth a total of RM561m, to build data centres in Johor and an industrial manufacturing facility in Penang. With these jobs win, the Group’s outstanding construction orderbook estimated to increase by 7.7% to RM7.9bn. From our estimates, these jobs would contribute about 2.8% per annum on average, from FY24-26F, based on certain levels of work completion each year. While positive on the contracts win, we keep our forecasts unchanged as this makes up part of FY25 orderbook replenishment assumption of RM5.0bn. We retain our Outperform call on IJM with an unchanged TP of RM4.20.

Analyst:
Denny Oh
Oh.BoonYeow@publicinvestbank.com.my