新2足球贴士网（www.hgbbs.vip）:IJM ‘well-positioned’ for long-term growth
IJM Corp logo新2足球贴士网（www.hgbbs.vip）是国内最权威的足球赛事报道、预测平台。免费提供赛事直播,免费足球贴士,免费足球推介,免费专家贴士,免费足球推荐,最专业的足球心水网。
PETALING JAYA: IJM Corp Bhd’s strong balance sheet will position the conglomerate for major order book replenishment that will drive its long-term growth, says Maybank Investment Bank (Maybank IB) Research.
In a note to clients, the research house said the catalysts for IJM include major order book wins and positive asset monetisation efforts.
The group is principally involved in construction, property development, manufacturing and quarrying, and infrastructure.
Maybank IB Research maintained a “buy” call on IJM with a higher target price of RM2.14. It believed that IJM’s outstanding construction order book, unbilled property sales and concession assets, which are on post-pandemic recovery, will support the growth prospects.
In construction, the group is targeting RM3bil replenishment jobs for the financial year 2023 (FY23) after having secured RM1.7bil new contracts in FY22.
The research house noted “it will be tendering for industrial building and hospital projects, supported by its recently completed fully automated Industry 4.0 Industrialised Building System (IBS) plant in Kuala Selangor.
“It is also tendering for the Klang Valley Mass Rapid Transit 3 (KVMRT3) main work packages – we believe the project, on private finance initiative (PFI), should not be affected by the government’s austerity drive.”,
,电报群搜索机器人（www.tel8.vip）是一个Telegram群组分享平台。电报群搜索机器人包括电报群搜索机器人、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。电报群搜索机器人为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
IJM’s low net gearing level of 0.25 times as of end-March 2022 will also enable the group to easily fund the initial two years of construction worth at least 10% of the contract value that required of the winning bid for the KVMRT3 main packages, it said.
IJM’s construction outstanding order book stood at RM4.3bil as at the end of FY22 compared with RM4bil as at the end of FY21.
On property, Maybank IB Research noted that IJM is targetting new sales worth RM1.8bil in FY23, which is lower than FY22’s RM2.5bil, as “the group acknowledges demand challenges amid interest rate normalisation by Bank Negara.”
The group will also continue on its asset monetisation efforts, with over RM600mil worth of properties earmarked.
On IJM’s infrastructure business, the research house expects Kuantan Port, which recorded a 15% fall in cargo in FY22, should see recovery with economic activities back to pre-pandemic levels.
Kuantan Port is jointly owned by IJM Corp and Beibu Gulf Holding (Hong Kong) Co Ltd.
Maybank IB Research said it is positive on the longer term cargo prospects that will come from sizable new foreign direct investments in Malaysia-China Kuantan Industrial Park (MCKIP).
“Three new investments being finalised in MCKIP 1 and 2 – Dongguan Jianhui Paper, Bosai Minerals Group and Alliance Steel expansion – could add over 10 million tonnes of throughput for Kuantan Port after they commence operations in 2024-2025.