Thursday, August 24, 2017

FW: AmBank Research - IJM Corp : 1QFY18 core net profit jumps 17% YoY BUY, 24 Aug 2017- Part 2



IJM Corp : 1QFY18 core net profit jumps 17% YoY                                                                                              BUY


We maintain our forecasts, SOP-based FV of RM3.76 (Exhibit 2) and BUY call. IJM’s 1QFY18 core net profit of RM127.8mil came in at only 21% and 19% of our full-year forecast and the full-year consensus estimates respectively. However, we consider the results within expectations as we expect stronger quarters ahead, underpinned by accelerating construction billings.


1QFY18 core net profit jumped 17% YoY. Higher profits from construction, infrastructure and property, more than offset weaker performance from plantation and manufacturing. It currently sits on a record construction order book of RM8.7bil. During a recent analysts briefing, IJM guided for construction job wins of RM3bil in FY18F, consistent with its job wins of RM3bil in FY17 and our assumption for RM3bil job wins annually in FY18-20F. YTD (FY), it has already secured RM793mil new jobs. Also, it appeared confident that property sales in FY18F would match the RM1.4bil achieved in FY17.



Others :

IJM Plantations : Lower fair value gain on CPO price swaps                                                                           BUY

CB Industrial : Boosted by retro-fitting division                                                                                                   HOLD

C.I. Hldgs : No trickle-down effect from higher sales                                                                                        HOLD

Econpile Hldgs : FY17 net profit grows 20% YoY                                                                                                   HOLD

Gent Plantation : Higher depreciation expense from accounting standard                                             HOLD

Inari Amertron : New smartphone to experience repeat bumper sales                                                   HOLD

Magnum : Tax assessment weighs on share price                                                                                             HOLD

MBM Resources : A break for the defenders                                                                                                      HOLD

UEM Sunrise : Commendable 1HFY17 performance                                                                                         HOLD




Luxchem Corporation, Unisem, JHM Consolidation,Sunway




Malaysia : 2017 inflation revised downwards




IHH : Stake divestment contributes to IHH’s earnings

THHEAVY : TH Heavy, Dayang sink deeper into the red on higher forex losses

Property Sector  : Affordable housing schemes reach the T20

UOADEV : UOA’s second quarter net profit rises 33%




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