Stock Name: IJM
Company Name: IJM CORPORATION BHD
We are, at best, neutral on this development. IJM Corp's acquisition of a 20% stake in the WCE has lifted its effective stake to 38.2%. We are, at best, neutral on this acquisition with the WCE being a mix of green-and-brown field project and actual traffic volume, on tolling, may fall short of projections. Hence, the value proposition to IJM (apart from the construction works) is not visible, as at now. We maintain our Hold call on IJM with a RM6.20 RNAV TP which has not included the WCE.
Maybank Research 14 March 2012
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Company Name: IJM CORPORATION BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 6.20 |
We are, at best, neutral on this development. IJM Corp's acquisition of a 20% stake in the WCE has lifted its effective stake to 38.2%. We are, at best, neutral on this acquisition with the WCE being a mix of green-and-brown field project and actual traffic volume, on tolling, may fall short of projections. Hence, the value proposition to IJM (apart from the construction works) is not visible, as at now. We maintain our Hold call on IJM with a RM6.20 RNAV TP which has not included the WCE.
Maybank Research 14 March 2012
Click here for full report
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