Stock Name: IJM
Company Name: IJM CORPORATION BHD
Company Name: IJM CORPORATION BHD
| Research House: ECMLIBRA | Price Call: BUY | Target Price: 7.02 |
Maintain BUY; TP: RM7.02
In anannouncement to Bursa Malaysia yesterday, IJM Corp boughtover Prominent Xtreme Sdn Bhd's 20% stake in West Coast Expressway (WCE)Sdn Bhd. Including IJM's indirect 18% stake in WCE Sdn Bhd via its 22.72%share in KEuro, the 80% controlling stakeholder of WCE, this share transactionresults in IJM having an effective 38% share in WCE. We view that IJM willgradually increase its stake in WCE over the course of the project to gain morerecurring income from the WCE toll concession in the future. Maintain BUY withTP unchanged at RM7.02 based on sum-of-parts.
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