[%yKNX%]
Research by MIDF
BUY – TP RM3.89

"Off to A Good Start”

• 1QFY25 core net profit grew +48.1%yoy to RM99.1m, on the back of stronger revenue of RM1.40b
• Improvement in construction revenue and PBT but margin was low due to early stages of projects; to pick up in coming quarters
• RM7.0b of outstanding order book; achieved 37.1% of RM5.0b FY25 replenishment target
• Maintain BUY with an unchanged TP of RM3.89

Analyst:
Royce Tan Seng Hooi
[%Tlap%]

$KLSE-IJM
Research by MIDF
BUY – TP RM3.89

"Off to A Good Start”

• 1QFY25 core net profit grew +48.1%yoy to RM99.1m, on the back of stronger revenue of RM1.40b
• Improvement in construction revenue and PBT but margin was low due to early stages of projects; to pick up in coming quarters
• RM7.0b of outstanding order book; achieved 37.1% of RM5.0b FY25 replenishment target
• Maintain BUY with an unchanged TP of RM3.89

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