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
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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