Maintain BUY, TP: RM7.02
IJM's 9MFY12 results were within expectations. Overall group PBT grew a commendable 53% q-o-q, driven by accelerated construction earnings recognition and robust property sales. No dividend was declared for the quarter. We switch our valuation basis from P/E to sum-of-parts. Maintain BUY, with target price of RM7.02.
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