[%YLcI%]
Research by RHB
Buy – TP RM 4.39

"Staging Strong Growth, More Momentum Ahead; BUY”

Keep BUY, new MYR4.39 TP from MYR4.34, 41% upside, 3% yield. 1QFY25 (Mar) core profit of MYR98m (+47% YoY) missed expectations, making up 19% for our and Street’s full-year projections. The negative deviation came from the weaker-than-expected property segment. We view IJM Corp’s 22x FY25F P/E to still have upside amid the anticipated steady flow of industrial jobs (estimated at 35-40% of orderbook), backed by a 13% YoY jump in Malaysia’s 1QCY25 approved investments. Industrial jobs were absent during the 2017 upcycle, when IJM traded at 16-17x

Analyst:
Adam Bin Mohamed Rahim
[%FvBQ%]

$KLSE-IJM
Research by RHB
Buy – TP RM 4.39

"Staging Strong Growth, More Momentum Ahead; BUY”

Keep BUY, new MYR4.39 TP from MYR4.34, 41% upside, 3% yield. 1QFY25 (Mar) core profit of MYR98m (+47% YoY) missed expectations, making up 19% for our and Street’s full-year projections. The negative deviation came from the weaker-than-expected property segment. We view IJM Corp’s 22x FY25F P/E to still have upside amid the anticipated steady flow of industrial jobs (estimated at 35-40% of orderbook), backed by a 13% YoY jump in Malaysia’s 1QCY25 approved investments. Industrial jobs were absent during the 2017 upcycle, when IJM traded at 16-17x

Analyst:
Adam Bin Mohamed Rahim
adam.mohamed.rahim@rhbgroup.com