$IJM / 3336 (IJM CORPORATION BERHAD) Corporation Berhad
Research by MIDF
BUY – TP RM3.89

" More Wins in Industrial Building Space”

• RM561m of new jobs from DC in Gelang Patah and industrial manufacturing facility in Batu Kawan
• RM508m contract for 50:50 JV with Who Hup for 2 blocks of DC
• RM307m contract for E&E manufacturing facility and warehouse
• Outstanding order book of RM7.9b; 37.0% of FY25 replenishment target achieved
• Maintain BUY with an unchanged TP of RM3.89

Analyst:
Royce Tan Seng Hooi
royce.tan@midf.com.my