IJM: Stronger quarterly results, but 1HFY3/17 net profit weighed down by weak property division and cargo at Kuantan Port. Construction remained

Construction Roundup: 3Q16 results

·         IJM: Stronger quarterly results, but 1HFY3/17 net profit weighed down by weak property division and cargo at Kuantan Port. Construction remained robust and plantation made a notable recovery. Stable credit metrics.

·         WCT: Disappointed with lower profit, negative operating cash flow, lower cash balance, and net gearing rising to 0.81x. Nonetheless, we retain stable outlook assuming WCT eventually succeeds in deleveraging and together with its strong construction side.