Stock Name: IJM
Company Name: IJM CORPORATION BHD
Research House: TA
TA Securities has lowered its stock rating on IJM to "sell" with a target price of RM5.51.
"We believe that management's RM2 billion new orderbook target in this financial year is not farfetched," said TA.
The research firm noted that IJM's management hinted that for FY11, bottomline would be flat, if not slightly weak.
"However, most of the legacy projects, except the Municipal Corporation of Delhi building in New Delhi, India (expected to be completed by December 2010) have been completed.
"In addition, management also guided that work progress for the BESRAYA extension would somewhat be slow due to certain clauses in the contract that needs to be ironed out.," said TA Securities.
Company Name: IJM CORPORATION BHD
Research House: TA
TA Securities has lowered its stock rating on IJM to "sell" with a target price of RM5.51.
"We believe that management's RM2 billion new orderbook target in this financial year is not farfetched," said TA.
The research firm noted that IJM's management hinted that for FY11, bottomline would be flat, if not slightly weak.
"However, most of the legacy projects, except the Municipal Corporation of Delhi building in New Delhi, India (expected to be completed by December 2010) have been completed.
"In addition, management also guided that work progress for the BESRAYA extension would somewhat be slow due to certain clauses in the contract that needs to be ironed out.," said TA Securities.
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