[%ZIJt%]
Research by TA
Buy – TP RM4.00

"Brief Setback, Solid Ground Ahead”

We reiterate our target price of RM4.00 based on unchanged 1.3x CY25 P/B and 3% ESG premium given our 4-star rating. We continue to like IJM for the following: (i) being the front-runners for large-scale infrastructure projects, i.e. Penang LRT and Nusantara civil servant housing project, (ii) growing its presence in the thriving data centre industry. Maintain Buy on the stock.

Analyst:
Raymond Ng Ing Yeow 
[%IqDF%]

$KLSE-IJM
Research by TA
Buy – TP RM4.00

"Brief Setback, Solid Ground Ahead”

We reiterate our target price of RM4.00 based on unchanged 1.3x CY25 P/B and 3% ESG premium given our 4-star rating. We continue to like IJM for the following: (i) being the front-runners for large-scale infrastructure projects, i.e. Penang LRT and Nusantara civil servant housing project, (ii) growing its presence in the thriving data centre industry. Maintain Buy on the stock.

Analyst:
Raymond Ng Ing Yeow 
raymondng@ta.com.my