[%vWdr%] 
Research by HLIB
BUY – TP RM3.64

"Positive start”

IJM’s 1QFY25 core PATAMI of RM98.0m matched our and consensusexpectations. Two key positives in the quarter: (i) construction swinging back to profitability and (ii) strong port throughput volumes. FY25 YTD wins amounting to RM1.9bn is on track towards RM5bn target. We are positively biased on its pipeline bolstered by NPE 2.0, Nusantara PFI, DCs/industrial types as well as Indian highways and Penang LRT. Plans to launch RM3.9bn of projects should sustain property contribution while industry division continues to benefit from robust demand. No change to forecast. Maintain BUY with unchanged TP of RM3.64.  

Analyst:
Edwin Woo, CFA
[%eBcS%]

$KLSE-IJM 
Research by HLIB
BUY – TP RM3.64

"Positive start”

IJM’s 1QFY25 core PATAMI of RM98.0m matched our and consensusexpectations. Two key positives in the quarter: (i) construction swinging back to profitability and (ii) strong port throughput volumes. FY25 YTD wins amounting to RM1.9bn is on track towards RM5bn target. We are positively biased on its pipeline bolstered by NPE 2.0, Nusantara PFI, DCs/industrial types as well as Indian highways and Penang LRT. Plans to launch RM3.9bn of projects should sustain property contribution while industry division continues to benefit from robust demand. No change to forecast. Maintain BUY with unchanged TP of RM3.64.  

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my