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RHB Research maintains Neutral on IJM Corp, lifts fair value to RM6.67

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RHB Research maintains Neutral on IJM Corp, lifts fair value to RM6.67 Empty RHB Research maintains Neutral on IJM Corp, lifts fair value to RM6.67

Post by Cals Wed 21 May 2014, 17:13

RHB Research maintains Neutral on IJM Corp, lifts fair value to RM6.67
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 21 May 2014 08:17

KUALA LUMPUR (May 21): RHB Research has maintained its Neutral rating on IJM Corporation Bhd with a higher fair value (FV) of RM6.67 after the formal appointment of the group as contractor for the West Coast Expressway (WCE) project.

In a note Wednesday, the research house said it was raising its FY15 forecast for IJM Corp by 4% and lift FV by 4% to RM6.67 but maintained its Neutral rating.

“We believe IJM is not a good proxy to the construction sector as construction profits only make up 10% of group earnings.

“At current valuations, it is also not a cheaper entry to its listed property and plantation units,” it said.
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