[%bIuM%]
Research by Public
Outperform– TP RM4.20

"A Decent Start”

IJM Corp reported a lower headline net profit of RM86.9m (-13.7% YoY, -71.6% QoQ) for 1QFY25, mainly due to lower profit contribution from the property development and toll division, as well as the recognition of fair value loss on WCE Holdings Bhd warrants of RM19.9m in the current quarter, compared to a gain in the= immediate preceding quarter. Excluding non-operating items, the Group’s estimated core net profit stood at RM107.7m (+62.2% YoY, -46.3% QoQ). The results were broadly within both our and consensus estimates, making up 19.1% and 20.3% of full year forecasts, respectively. We remain upbeat on IJM, as we believe that its earnings growth will be supported by positive outlook across all business divisions, especially the construction segment. We maintain our earnings forecast and our Outperform call on IJM with an unchanged TP of RM4.20

Analyst:
Denny Oh
[%QeDr%]

$KLSE-IJM
Research by Public
Outperform– TP RM4.20

"A Decent Start”

IJM Corp reported a lower headline net profit of RM86.9m (-13.7% YoY, -71.6% QoQ) for 1QFY25, mainly due to lower profit contribution from the property development and toll division, as well as the recognition of fair value loss on WCE Holdings Bhd warrants of RM19.9m in the current quarter, compared to a gain in the= immediate preceding quarter. Excluding non-operating items, the Group’s estimated core net profit stood at RM107.7m (+62.2% YoY, -46.3% QoQ). The results were broadly within both our and consensus estimates, making up 19.1% and 20.3% of full year forecasts, respectively. We remain upbeat on IJM, as we believe that its earnings growth will be supported by positive outlook across all business divisions, especially the construction segment. We maintain our earnings forecast and our Outperform call on IJM with an unchanged TP of RM4.20

Analyst:
Denny Oh
Oh.BoonYeow@publicinvestbank.com.my