Tuesday, April 10, 2018

FW: Credit Flash: Construction Roundup_20180410



Credit Flash: Construction Roundup - Latest quarterly results


·         GAM delivered strong results for 1HFY7/18, while IJM maintained sound credit metrics despite a lower bottom line in 9MFY3/18.

·         We keep a stable outlook on IJM for its robust construction order book and cargo throughput recovery.

·         We also retain a stable view for GAM despite its below-trigger metrics as we think a negative rating action is less likely given the visibility of earnings growth and its leading position in Malaysia’s key rail projects.





Winson Phoon, ACA

(65) 6231 5831



Se Tho Mun Yi

(603) 2074 7606



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