Stock Name: IJM
Company Name: IJM CORPORATION BHD
Headline net profit below expectation. 1HFY12 headline net profit of RM190m (-6% YoY) included a RM27m unrealised forex loss at the infrastructure business. Ex- the forex loss, core net profit of RM217m (+11% YoY) was in line, at 47% of our full-year forecast. Construction earnings stay uninspiring while major contributors are still property and plantation. We adjust down our FY12 net profit forecast for the forex loss, and RNAV-based TP to RM6.20 (-5%). The stock remains a Hold.
Maybank research (29 November 2011)
Click here for full report
Company Name: IJM CORPORATION BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 6.20 |
Headline net profit below expectation. 1HFY12 headline net profit of RM190m (-6% YoY) included a RM27m unrealised forex loss at the infrastructure business. Ex- the forex loss, core net profit of RM217m (+11% YoY) was in line, at 47% of our full-year forecast. Construction earnings stay uninspiring while major contributors are still property and plantation. We adjust down our FY12 net profit forecast for the forex loss, and RNAV-based TP to RM6.20 (-5%). The stock remains a Hold.
Maybank research (29 November 2011)
Click here for full report
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