支持人民币的博彩公司:IJM ‘well-positioned’ for long-term growth

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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.”

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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.

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