[%WqWV%]
Research by Maybank
BUY – TP RM 3.70

"1QFY25: Slight shortfall”

IJM’s 1QFY25 net profit was just 16% of our FY forecast, 17% of consensus with the shortfall vis-à-vis our forecast due to a MYR20m FV loss on WCE warrants. Excluding this and other smaller one-offs, 1QFY25 core profit was 20% of our FY; this is in-line in anticipation of stronger quarters ahead. We make no change to our earnings forecasts for now. Our RNAV-TP is raised to MYR3.70 (+40sen) as we roll forward valuations. BUY maintained; IJM is poised to benefit from higher construction (positive for its industry ops too) and economic activities (positive for its port ops) 

Analyst:
Wong Chew Hann
[%vZya%]

$KLSE-IJM
Research by Maybank
BUY – TP RM 3.70

"1QFY25: Slight shortfall”

IJM’s 1QFY25 net profit was just 16% of our FY forecast, 17% of consensus with the shortfall vis-à-vis our forecast due to a MYR20m FV loss on WCE warrants. Excluding this and other smaller one-offs, 1QFY25 core profit was 20% of our FY; this is in-line in anticipation of stronger quarters ahead. We make no change to our earnings forecasts for now. Our RNAV-TP is raised to MYR3.70 (+40sen) as we roll forward valuations. BUY maintained; IJM is poised to benefit from higher construction (positive for its industry ops too) and economic activities (positive for its port ops) 

Analyst:
Wong Chew Hann
wchewh@maybank-ib.com