[%NLjS%]
Research by CGS
ADD – TP RM4.40

"Construction division back in the black”

■ 1QFY3/25 core net profit in line; construction division returns to profits.
■ Encouraging YTD wins; RM5bn new order target for FY25F may be breached, in our view
■ Reiterate Add and SOP-derived TP of RM4.40
. 
Analyst:
CHONG Tjen-San, CFA
[%BerJ%]

$KLSE-IJM
Research by CGS
ADD – TP RM4.40

"Construction division back in the black”

■ 1QFY3/25 core net profit in line; construction division returns to profits.
■ Encouraging YTD wins; RM5bn new order target for FY25F may be breached, in our view
■ Reiterate Add and SOP-derived TP of RM4.40
. 
Analyst:
CHONG Tjen-San, CFA
tjen-san.chong@cgsi.com