IJM Plantations $IJMPLNT / 2216 (IJM PLANTATIONS BERHAD)
Research by HLIB
CEASED (from Hold): Target Price: RM3.10

"Boosted by higher prices"

IJMP’s core net profit of RM161.1m in 1HFY22 (+272.7%) beat expectations,
accounting for 84.5-86.8% of our and consensus full-year estimates, due mainly
to higher-than-expected realised palm product prices. We are ceasing coverage
on IJMP, as the offeror (KLK) has secured 90% of IJMP shares and IJMP will be
delisted from Bursa Malaysia with effect from 26 Nov 2021.


Chye Wen Fei
E wfchye@hlib.hongleong.com.my
T (603) 2083 1712