STOCK FOCUS OF THE DAY
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
STOCKS ON RADAR
Luxchem Corporation, Unisem, JHM Consolidation,Sunway
ECONOMIC HIGHLIGHT
Malaysia : 2017 inflation revised downwards
NEWS HIGHLIGHTS
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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