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楼主: Wonderful

[公司专区] 3336 IJM 怡保工程

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发表于 2010-6-28 21:29 | 显示全部楼层
Zelan’s 8.64% stake in IJM Corp worth more than own market cap

KUALA LUMPUR: Former high flyer Zelan Bhd, whose fortunes had plunged due to its overseas misadventures especially in the Middle East, is in an awkward position now as its 8.64% stake in IJM Corp Bhd is larger than its market capitalisation.

The IJM stake, comprising 115.268 million shares, is worth RM565.96 million based on last Friday’s closing price of RM4.91. It is 89.5% higher than Zelan’s market capitalisation of RM298.53 million, based on its paid-up of 563.26 million shares and the closing price of 53 sen.

Zelan has been battered following its project cost overruns and boardroom changes which saw the company sinking further into the red.

For the financial year ended March 31, 2010, Zelan’s net loss widened to RM254.26 million or 45.15 sen per share, compared with the loss of RM137.22 million a year earlier.

The company was badly hit by cost overruns for its projects in the Middle East, while lower contribution from its engineering and construction business saw revenue plunge 90% to RM51.82 million from RM517.7 million previously.

During the period, Zelan suffered contract losses amounting to RM199.4 million, including RM93.4 million in Saudi Arabia, RM12.2 million in the United Arab Emirates and RM93.8 million in Indonesia. It also had an impairment loss of RM44.4 million from goodwill for the engineering and construction division.

The boardroom changes also had the negative impact. It was in 2007 that saw the entry of tycoon Tan Sri Syed Mokhtar Al-Bukhary into the company.

MMC Corp Bhd subsidiary, Tronoh Mines Malaysia Bhd, bought a 100% stake in the then privately held Zelan (M) Sdn Bhd for RM140 million from Noble Gem Sdn Bhd, Eminent Gateway Sdn Bhd and Navazi Sdn Bhd.  

Noble Gem, Eminent Gateway and Navazi were controlled by Chang Si Fock @ Chang See Fock, Tan Cheng Huat and Lam Kar Keong respectively.

Tronoh paid RM10 million cash and issue 65 million new shares at RM2 apiece for Zelan. Tronoh subsequently changed its name to Zelan, with MMC currently holding 39.25% in the company.  

The downward spiral of Zelan began after a boardroom tussle saw its chief executive officer Chang disposing most of his shareholdings in the company which was held through his private vehicle, Noble Gem, in 2008.

Chang left the company in January 2009 when his contract expired and Raja Azmi Raja Nazuddin was appointed the new managing director in June 2009.

Zelan has a unique value proposition as a specialist design and build power plant contractor. It has always haboured the ambition to be a regional independent power plant player, and have aggressively venture into the Middle East, Indonesia and India for construction and power related projects.

Its projects in the Middle East include the Shuaibah III and Shuqaiq II independent water desalination and power plants in Saudi Arabia, Sidar Tower in Dubai, Meena Tower and Al-Reem Island in Abu Dhabi, the UAE.  

Zelan also has a joint venture with PT Primanaya Djan International to build a US$560 million (RM1.82 billion) 2 x 315 megawatt coal-fired power plant in Rembang, central Java in Indonesia for PT Perusahaan Listrik Negara. Zelan holds a 70% stake in the venture and PT Primanaya the balance 30%.

Upcoming power projects in Malaysia, however, could see the revival of fortune in the company. MMC, Zelan’s largest shareholder, has stated its intention to expand the company’s coal powered independent power plant in Tanjung Bin, Johor.

While no firm decision has been made on the proposal to expand Tanjung Bin plant, Zelan probably would have a role to play in the multi-billion ringgit project that may give rise to opportunity for Zelan to turn around its losses, analysts said.

Zelan shares closed at 53 sen last Friday with 1.0 million shares traded. It has fallen 20% so far this year, while net asset per share stood at 83 sen as at March 31, 2010.

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发表于 2010-6-28 21:32 | 显示全部楼层
Zelan’s 8.64% stake in IJM Corp worth more than own market cap

KUALA LUMPUR: Former high flyer Zelan Bhd, whose fortunes had plunged due to its overseas misadventures especially in the Middle Eas ...
BIoTech 发表于 2010-6-28 21:29

This is the link....
http://www.theedgemalaysia.com/i ... own-market-cap.html

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发表于 2010-7-14 11:37 | 显示全部楼层
股海明灯: 未来料获更多工程 IJM工程走势强劲
2010/07/12 1:20:13 PM
●庄学勤博士

由于美国和欧洲最近公布的数据显示,预计全球经济将再度放缓,尤其是在今年下半年,放缓几率更是大大提高。

身为全球经济的一份子,我国同样的隐忧,即下半年的经济可能会放缓。因此,为支撑国内的经济活动及抵销全球经济缓慢复苏的可能性,政府或许需要马上推行开销计划。

换句话说,为了不让经济重新陷入衰退之中,政府必须积极推出为数不少的大型工程发展,而在这些计划的推动下,建筑公司将是未来的得益者。

在这样的大环境下,IJM工程(IJM,3336,主板建筑股)将会是受惠者之一,因为根据过去的记录,它是成功竞标政府工程的常胜军之一。

最近它标获槟城第二大桥配套3B工程,总值3亿4998万令吉,便是一个最好的明证。

IJM工程已经接获第二大桥私人有限公司的通知信,授权兴建Batu Kawan高速公路,包括5.7公里长的双线运送通道和4道桥樑,工程限期31个月。

业绩亮丽

此外,在截至2010年3月31日为止的第四季业绩中,IJM工程也交出亮丽的业绩,它取得1亿1104万令吉的净利,较前期的5334万令吉,增长108%。

至于全年业绩,它则取得3亿3258万令吉净利,较前期的2亿9021万令吉,增长14.59%。它的每股盈利为25.21仙,前期为23.46仙。

它的股价也由今年5月26日的低点4.48令吉的水平,一直攀升至7月7日的4.93令吉水平,在短短一个多月内上涨了约10%,显示市场对IJM工程的信心。

立足大马放眼海外

IJM工程也是一家成功立足马来西亚,并放眼海外的我国公司之一。

IJM工程已经进入印度市场13年,而印度属于一个高度发展的国家,未来将会有数不尽的工程。目前印度正计划在未来5年内兴建13万公里的巨额工程,IJM工程希望获得印度大道计划部分工程合约以打响其在印度的知名度。

根据过去3年的纪录,国内工程占IJM工程55%的工程,而印度占22%、巴基斯坦占9%和其他中东地区占13%。目前,我国政府已经在第十大马计划规划大型工程将吉隆坡转变为国际大都市,其中包括国际金融区、新街场飞机场再开发、双溪毛糯城镇发展计划,以及吉隆坡轻快铁延伸工程和地铁(MRT)等公共交通工程投资,新工程可能陆续有来。

因此,相信国内工程将继续占IJM工程合约总值的重大比例。

业务多元抗跌力强

IJM工程也在去年公布了它的领导人交替计划。在这项计划下,IJM工程首席执行员兼董事经理拿督陈文成,将于2010年12月卸下职务,而其副手郑健民,则预期将会接替成为该集团的新领导。

今年58岁的陈文成,自1997年开始已经领导IJM工程的一个专业团队。而从1989年加入集团,现年56岁的郑健民,现职为集团副董事经理兼副首席执行员。

由于这是按照计划进行的领导人交替行动,相信对该公司发展不会有影响。更何况,陈文成在退上前线的职务之后,他依然会担任公司的董事职位,继续默默为公司贡献经验。

IJM工程除了以建筑为核心业务之外,它也通过子公司将业务多元化,比如种植和产业发展,这使到它比其他纯建筑公司更具有抗跌能力。

举个例子,尽管在1997/98亚洲金融危机期间,许多公司深受打击,但是IJM工程将继续保持派息能力。当时,建筑业萎缩了约23%,但IJM工程却继续派发每股5仙股息,主要是拜非建筑活动如种植部门的收入所赐。

除了股息派发,IJM工程也展现了迅速恢复订单的能力,这可要归功于它过去执行的工程都拥有良好的记录。



总结

无可否认的,从事建筑业务的公司经常会受到经济循环期的困扰,在好景时盈利大好,建筑低潮时盈利便深受影响。

不过,IJM工程的优势便是业务多元化,在艰辛时刻,其他部门的贡献已协助减缓IJM工程建筑领域低收益的冲击,这使得该公司在经济不景时仍有能力派发股息。

所以,对于希望参与建筑股,但是又期望不要面对经济循环期冲击的投资者而言,IJM工程将是值得他们考虑的股项之一。

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 楼主| 发表于 2010-8-25 21:42 | 显示全部楼层
Financial Results
Reference No IC-100825-16472

Company Name
:
IJM CORPORATION BERHAD
Stock Name
:
IJM   
Date Announced
:
25/08/2010
Financial Year End
:
31/03/2011
Quarter
:
1
Quarterly report for the financial period ended
:
30/06/2010
The figures
:
have not been audited

Converted attachment :



Please attach the full Quarterly Report here:

Remark:
This announcement is also available for reference at www.ijm.com.

Currency
:
Malaysian Ringgit (MYR)

SUMMARY OF KEY FINANCIAL INFORMATION
30/06/2010

    INDIVIDUAL PERIOD
    CUMULATIVE PERIOD
      CURRENT YEAR QUARTER
      PRECEDING YEAR
      CORRESPONDING
      QUARTER
      CURRENT YEAR TO DATE
      PRECEDING YEAR
      CORRESPONDING
      PERIOD
        30/06/2010
        30/06/2009
        30/06/2010
        30/06/2009
          $$'000
          $$'000
          $$'000
          $$'000
          1Revenue
          986,086
          1,161,648
          986,086
          1,161,648
          2Profit/(loss) before tax
          179,065
          123,864
          179,065
          123,864
          3Profit/(loss) for the period
          131,547
          86,227
          131,547
          86,227
          4Profit/(loss) attributable to ordinary equity holders of the parent
          90,048
          70,824
          90,048
          70,824
          5Basic earnings/(loss) per share (Subunit)
          6.76
          5.39
          6.76
          5.39
          6Proposed/Declared dividend per share (Subunit)
          0.00
          0.00
          0.00
          0.00








          AS AT END OF CURRENT QUARTER
          AS AT PRECEDING FINANCIAL YEAR END
          7
          Net assets per share attributable to ordinary equity holders of the parent ($$)
          3.7000
          3.8600

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          发表于 2010-10-6 20:57 | 显示全部楼层
          IJM Corp ups interest in Indian toll concession

          KUALA LUMPUR: Construction giant IJM Corp Bhd is increasing its exposure to an Indian toll road concession by acquiring additional stakes from MTD Capital Bhd and WCT Bhd.  

          IJM Corp has entered into an agreement to acquire more shares in its units CIDB Inventures Sdn Bhd and India-based Swarna Tollway Ptd Ltd.

          CIDB Inventures is primarily involved in the construction, development, operation and management of highway projects in India.

          Swarna Tollway is a special purpose vehicle set up by CIDB Inventures to operate, maintain and collect toll on the Swarna Tollway in Andhra Pradesh, India.

          Swarna Tollway holds a 30-year concession expiring in September 2031 to collect toll on two sections of road in Andhra Pradesh. CIDB Inventures currently holds a 30% direct equity interest in Swarna Tollway.

          In a filing with Bursa Malaysia yesterday, IJM Corp said it would effectively increase its interest in CIDB Inventures and Swarna Tollway to 78.14% and 76.44%, respectively, following the acquisition.

          IJM Corp had entered into a sale and purchase agreement (SPA) with WCT (Overseas) Sdn Bhd and MTD Capital to acquire their shares in CIDB Inventures for RM27.41 million, according to the announcement.

          IJM Corp said it would acquire from WCT (Overseas) some 15.35% of CIDB Inventures’ issued and paid-up share capital as well as 15.35% of CIDB Inventures’ issued and paid-up preference share capital for a consideration of RM27.41 million.

          IJM Corp also said it would acquire from MTD Capital about 29.14% of CIDB Inventures’ share capital and 29.15% of CIDB Inventures preference share capital for a consideration of RM17.96 million.

          Additionally, IJMII (Mauritius) Ltd (a wholly owned subsidiary of IJM Investments (M) Ltd, which in turn is IJM Corp’s wholly owned subsidiary) yesterday also entered into a SPA with WCT (Offshore) Pte Ltd and International MTDCap (Mauritius) Ltd to acquire their shares in Swarna Tollway Pte Ltd for US$21.34 million (RM66.37 million).

          IJMII (Mauritius) would acquire from WCT (Offshore) 17% of the share capital and 22.45% of the preference share capital of Swarna Tollway for US$12.96 million.

          WCT (Offshore) is an indirect wholly owned subsidiary of WCT Overseas, which in turn is a wholly owned subsidiary of Main Board-listed WCT Bhd.

          IJMII (Mauritius) would also acquire from International MTDCap (Mauritius) 11% of Swarna Tollway’s ordinary share capital and 14.53% of its preference share capital for US$8.39 million.
          International MTD is a wholly owned subsidiary of MTD Equity Sdn Bhd, which in turn is a wholly owned subsidiary of the Main Board-listed MTD.

          IJM Corp said: “The total consideration of the acquisition of shares in CIDB Inventures and Swarna Tollway was arrived at on a willing-buyer-willing-seller basis after taking into consideration the discounted future cash flows of the (Swarna Tollway) project and the premium paid for the redeemable preference shares of CIDB Inventures.”

          IJM Corp added that it did not require shareholders’ approval for the acquisition but would need to seek the approval of the National Highway Authority of India in respect of its acquisition of the INR ordinary shares and INR redeemable preference shares.

          The transaction will not have any significant effect on the earnings or net assets per share of IJM Corp for FY11 ending March 31, said IJM Corp.

          In a separate announcement to Bursa Malaysia yesterday, MTD Capital Bhd said MTD and International MTDCap (Mauritius) would cease to be shareholders of CIDB Inventures and Swarna Tollway upon completion of the transaction.

          The MTD Group said it intended to utilise a significant proportion of the RM43.8 million proceeds from the disposal to pay down existing bank loans.

          “The disposals are in line with MTD Group’s ongoing review of its entire operations and divestment of non-core assets which do not fit with its long-term objectives,” MTD said.

          http://www.theedgemalaysia.com/i ... oll-concession.html

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          发表于 2010-10-9 14:59 | 显示全部楼层
          IJM Corp evaluating various options on IJM Land shares liquidity

          KUALA LUMPUR: IJM CORPORATION BHD [] is evaluating various options about the liquidity of the shares of its 62.5%-subsidiary IJM Land Bhd.

          The company said it was only in May 2009 it had placed out shares to fulfill the shareholding spread requirements of IJM Land.

          “There is no definite proposal at this juncture and the company will announce to Bursa Securities accordingly if there is a definitive proposal,” it said on Friday, Oct 8.

          The Edge Financial Daily reported IJM Land looked ripe for possible privatisation, citing analysts.

          RHB Research reported market talk on IJM Land being a target for privatisation by IJM Corp.

          RHB opined that by privatising IJM Land, it might enable the parent to be the component stock of the benchmark FBM KLCI.

          “We think the most possible reason for IJM Land to be taken private is the potential addition of IJM Corp into the benchmark index, the FBM KLCI top 30 stocks, following the inclusion of GAMUDA BHD [] this past September.

          “Note that IJM Corp is currently one of the FBM Mid-70 stocks and in the reserve list for the FBM KLCI. The inclusion may benefit IJM Corp as it could lead to a re-rating going forward.  While it is still premature to confirm the deal, we believe the privatisation angle is nevertheless a strong catalyst for IJM Land,” said RHB.

          According to the research house, privatising IJM Land would increase its parent’s market capitalisation to RM8.2 billion from RM7.1 billion.

          http://www.theedgemalaysia.com/b ... ares-liquidity.html

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          发表于 2010-10-25 21:40 | 显示全部楼层
          IJM Corp up after AmResearch raises TP to RM6.30

          KUALA LUMPUR: IJM Corp Bhd shares advanced in the afternoon session on Monday, Oct 25 after AmResearch maintained its buy call on the stock at RM5.48 and raised its target price RM6.30 based on the sum-of-parts methodology.

          It said the upcoming months would likely be momentous for IJM — with news flow momentum focusing on an expected re-acceleration of contract flows, exciting presales pipeline and exposure to rising crude palm oil (CPO) prices via IJM PLANTATION []S BHD [] (IJMP).

          "We recommend a switch from GAMUDA BHD [] to IJM as our top large-cap pick for the CONSTRUCTION [] sector, given the latter's cheaper valuation (11%-20% discount on FY11F-12F earnings).

          "IJM's foreign shareholding has nudged up to ~33% currently, but still below its peak of 65% in mid-2007," it said in a note on Monday.

          http://www.theedgemalaysia.com/b ... es-tp-to-rm630.html

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          发表于 2010-11-15 17:57 | 显示全部楼层
          IJM skids, down 29 sen in early trade

          KUALA LUMPUR: IJM Corp shares fell in early trade on Monday, Nov 15, down as much as 29 sen in thin trade in the absence of negative news.

          At 9.26am, IJM was down 29 sen to RM5.21 with 700 shares done.

          The FBM KLCI lost 1.7 points to 1,498.11. Turnover was 105.19 million shares valued at RM86.94 million. There were 159 gainers, 162 losers and 148 stocks unchanged.

          On Nov 10, OSK Research had raised the target price (TP) to RM5.55 but maintained its NEUTRAL call.

          “As IJM’s job wins so far going into FY11 are still within our replenishment target, we make no changes to our estimates.

          “Our sum-of-parts based TP has, however, been raised to RM5.55 premised on: (i) increasing our CONSTRUCTION [] earnings multiplier to 16 times from 14 times, in line with our forward PER target for the KLCI; and (ii) marking to market its stake in IJM Land. Given IJM’s diversified business, its earnings are the least leveraged to new contract wins,” the research house said.

          http://www.theedgemalaysia.com/b ... in-early-trade.html

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          发表于 2010-12-13 22:11 | 显示全部楼层
          MARC affirms IJM RM1b debt notes, stable outlook

          KUALA LUMPUR: Malaysian Rating Corp Bhd (MARC) has affirmed the rating on IJM Corp Bhd’s RM1 billion debt notes with a stable outlook and it also does not see any impact from the proposed merger between IJM Land Bhd and MALAYSIAN RESOURCES CORP []oration Bhd (MRCB).

          The ratings agency said on Monday, Dec 13 it had affirmed its MARC-1/AA- ratings on IJM Corp’s (IJM) RM1 billion commercial paper/medium term notes (CP/MTN) programme with a stable outlook.

          MARC said this was based on IJM's relatively resilient consolidated performance in a challenging economic environment and the rating agency's expectation that industry conditions and operating results will support improvements in IJM's current financial risk profile.

          However, MARC said the increase in the operating holding company’s debt to fund a combination of investments and advances to subsidiaries and higher working capital requirements are exerting some pressure on IJM’s credit profile given the continuing negative net cash flow from operations (CFO) at IJM company-level and lower dividends upstreamed from subsidiaries.

          MARC said it did not see any immediate impact on IJM’s ratings from the proposed merger between its 62.5%-owned IJM Land and MRCB.

          The transaction, if completed, will create one of the largest listed property groups in the country.

          However, given the lack of details, the resulting impact of the merger on IJM’s consolidated financial profile and company-level credit metrics cannot be ascertained at this time.

          The proposed merger also remained subject to approval from a number of parties, including the respective shareholders of IJM Land and MRCB as well as the authorities.

          IJM's ratings continue to incorporate the moderate diversity in earnings generated by the group's five core business segments of CONSTRUCTION [], property, PLANTATION [], industrial manufacturing and infrastructure as well as the relative stability in its consolidated financial performance.

          IJM is an operating holding company with a leading position in the domestic construction sector. IJM's property development, industrial manufacturing and plantation segments contributed 79% and 87% of consolidated segment operating profit before tax for the 12 months ended March 31, 2010 (FY2010) financial year and FY2009, respectively.

          The group's consolidated performance in recent financial years has benefited from the resilient performance and consistent profitability of these three segments which collectively posted RM458 million of operating profit before tax in FY2010 (FY2009: RM457 million).

          IJM's other segments have fared less well. The operating performance of IJM's construction segment was lacklustre in FY2010 as well as the prior year on account of declining revenues and narrow margins.

          IJM's infrastructure segment remained profitable overall; however, its FY2010 performance was buoyed upward mainly by foreign exchange gains rather than sustainable gains in operating profitability.

          Of its nine toll concessions, five are in India, of which three remain in the initial traffic ramp-up phase. IJM's India toll road operations posted an adjusted pre-tax segment loss of RM22.4 million on excluding foreign exchange gains in FY2010.

          Apart from traffic volume risks, the India toll road projects have also experienced significant cost pressures which have negatively impacted total project costs and resulted in higher toll road operating cost profiles.

          Meanwhile, the substantial debt burden of IJM's toll road concession segment relative to its current earnings generation continues to weigh on the group's consolidated financial risk profile.

          For the six months ended Sept 30, 2010 (1HFY2011), the group’s pre-tax profit rose by 48.2% to RM377 million from 1HFY2010 despite a fall in revenue by 19.9% during the same period.

          The improved pre-tax profit is driven by higher crude palm oil prices and foreign exchange translation gain recorded by its infrastructure division.

          MARC expected IJM's plantation segment to maintain its earnings momentum over the next several quarters on the back of strong crude palm oil price trend.

          Moderate earnings visibility was also afforded by the group's outstanding order book positions of its construction and industrial manufacturing segments and contracted property sales. MARC believes that continued earnings momentum at the group should have a positive effect on cash flow generation and the dividend upstream potential of IJM subsidiaries and associates.

          IJM company-level cash flow and debt service coverage metrics have weakened considerably in recent years as a result of continuing net negative cash flow from operations (CFO) and increased company-level debt.

          Its debt service burden has also risen; interest paid increased to RM36.7 million in FY2010 from RM18.5 million in FY2009.

          Its total debt rose to RM966.4 million as at March 31, 2010 due to additional borrowings taken to fund its subscription of RM219.0 million of redeemable convertible unsecured loan stocks issued by a jointly-controlled entity and net advances to subsidiaries of RM406.4 million.

          There was no reversal of the continuing trend of negative CFO interest coverage in FY2010, in part due to subdued dividend income. IJM raised RM235.7 million through the sale of shares in subsidiaries during the year which alleviated the pressure on its balance sheet and liquidity somewhat.

          MARC noted that IJM has also provided a corporate guarantee in respect of a subsidiary's RM250 million debt offering maturing in 2016. However, there are no near-term debt maturities that pose refinancing risk.

          IJM’s current liquidity position and financial flexibility remains satisfactory, as evidenced by RM117.0 million of deposits, cash and bank balances, and RM82.7 million of short-term investments as at March 31, 2010.

          Nonetheless, MARC said IJM's on-balance sheet debt of RM966.4 million and its contingent liabilities will have to be supported by increasing CFO and net cash flow from investing (CFI) over time for the operating holding company to maintain rating stability.

          The outlook and ratings on IJM could be revisited if company-level cash flow continues to fall short of operational liquidity needs and debt servicing requirements on a sustained basis.

          This could happen if dividends and interest received from subsidiaries remain subdued, and there is no repayment of advances to subsidiaries while debt levels remain flat or continue to rise during the current financial year.

          http://www.theedgemalaysia.com/b ... stable-outlook.html

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          发表于 2010-12-20 21:13 | 显示全部楼层
          OSK Research ups TP for IJM Corp to RM6.60

          KUALA LUMPUR: OSK Research has raised its target price for IJM Corp to RM6.60 (from RM6.31 previously) after the company last Friday announced that it had won a RM461 million contract for Phase 3 of the Platinum Park development by Naza TTDI.

          “Its job wins so far into FY11, totaling RM1.84 billion, have beaten our RM1.5 billion target. Potential jobs in the pipeline include high-rise buildings in KL, Kelau Dam, West Coast Expressway and LRT packages.

          “We keep our FY11 earnings unchanged but raise the numbers for FY12-13 by 1%-6%. Maintain Neutral call on IJM given the limited 5.2% upside.

          http://www.theedgemalaysia.com/b ... -corp-to-rm660.html

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          发表于 2010-12-20 21:14 | 显示全部楼层
          IJM rises to highest level since February 2007 on getting RM461m job

          KUALA LUMPUR:  IJM CORPORATION BHD []’s share advanced on Monday, Dec 20 and rose to its highest level since Feb 15, 2007 after it won a RM461 million contract for Phase 3 of the Platinum Park development by Naza TTDI.

          At 11.48am, IJM was up 18 sen to RM6.45 with 1.48 million shares done.

          OSK Research raised its target price for IJM Corp to RM6.60 (from RM6.31 previously) and said IJM Corp’s  job wins so far into FY11, totaling RM1.84 billion, had beaten its RM1.5 billion target.

          “Potential jobs in the pipeline include high-rise buildings in KL, Kelau Dam, West Coast Expressway and LRT packages.

          “We keep our FY11 earnings unchanged but raise the numbers for FY12-13 by 1%-6%. Maintain Neutral call on IJM given the limited 5.2% upside,” it said

          http://www.theedgemalaysia.com/b ... ing-rm461m-job.html

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          发表于 2010-12-21 20:17 | 显示全部楼层
          IJM scores again with MRT, LRT jobs ahead?

          IJM Corp Bhd
          (Dec 20, RM6.41)

          Maintain buy at RM6.27 with target price of RM6.40: A new RM461 million building works contract has lifted IJM’s FY2011 year-to-date job wins to RM1.61 billion, closing in on our RM2 billion estimate for FY2011.

          We make no change to our earnings forecasts.

          Last Friday’s Greater KL MRT project go-ahead and the remaining packages of the LRT extension works may benefit IJM, based on its experience. The stock remains a “buy” with a RM6.40 RNAV-based target price.

          IJM has secured a contract from Naza TTDI Construction Sdn Bhd to execute superstructure works for Platinum Park Phase 3 (comprising two office tower blocks of 50 and 38 stories, including car parks) at Jalan Stonor, Kuala Lumpur.

          The contract value is RM460.6 million and the completion date is Dec 31, 2013.

          The new contract has lifted IJM’s FY2011 year-to-date job wins to RM1.61 billion, and its outstanding construction order book to RM4.2 billion, we estimate.

          Assuming 8% in gross margin, we expect this new job to contribute RM28 million in net profit (two sen earnings per share) over the duration of work into FY2014. We have incorporated RM2 billion worth of job wins for FY2011 and are maintaining our earnings forecasts.

          The Cabinet’s go-ahead to kick start the Sg Buloh-Kajang MRT line by July 2011 is positive for sentiment in overall construction. IJM is a potential beneficiary of the work.

          It is also vying for the remaining work packages for the Greater KL LRT extension, which are expected to be awarded in 2H2011. — Maybank IB Research, Dec 20

          http://www.theedgemalaysia.com/i ... lrt-jobs-ahead.html

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          发表于 2010-12-30 22:47 | 显示全部楼层
          大大怎么看IJM?
          我打算进IJM WD~~~

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          x 470
          发表于 2010-12-30 22:54 | 显示全部楼层
          怡保工程置地馬資源合併流產
          股價全線跌


          (吉隆坡30日訊)怡保工程置地(IJMLAND,5215,主要板房產)和馬資源(MRCB,1651,主要板建築)合併案胎死腹中,馬股封關日齊齊宣佈暫停交易。

          怡保工程置地壯大規模夢碎,母股和憑單遭投資者套利,連帶怡保工程(IJM,3336,主要板建築)母股和憑單,一家四口佔據早盤下跌股首4席位,停牌前走勢不堪。

          馬資源和怡保工程置地分別向馬證交所報備指出,經過一番討論,雙方無法就合併案中的細節和條件達成協議,合作出現破局。

          傳換股管理層鬧分歧

          文告中指出,早前雙方就此合併案簽署的諒解備忘錄亦一併作廢,對日后不再有任何影響。

          3間公司母股和憑單已分別于今日休市前暫停交易,將從今午12時停牌至1月3日(週一)上午9時。

          怡保工程置地最后報價38仙至2.86令吉,怡保工程跌27仙至6.23令吉;馬資源亦下滑6仙至1.99令吉。

          怡保工程置地主席拿督陳文成電話回應“彭博社”時指出,對公司最終無法與馬資源達成合併協議,感到失望。

          惟他拒絕透露計劃告吹的原因,僅指出目前沒有與其他公司洽談相關計劃,但不排除日后會再與其他公司商討合併。

          “道瓊斯”則引述消息人士指出,雙方在換股比例和管理層安排上的意見出現分歧,因此無法達成協議。

          按照諒解備忘錄,雙方將透過股權交換方式重組新公司,獻購價分別為馬資源2.30令吉、怡保工程置地3.65令吉。

          隨著此計劃告吹,原冀透過合併打造全方位房地產發展商的願望亦宣告破滅。

          分析師指出,此結果顯示政聯企業行事並非無往不利,預計週一復牌后,相關股項皆將齊齊下滑。

          http://www.chinapress.com.my/con ... t=1231bsa009a10.txt

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          发表于 2011-1-3 10:37 | 显示全部楼层
          进了ijm-wc 2.6~~

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          发表于 2011-1-3 20:44 | 显示全部楼层
          IJM Land, IJM Corp, MRCB in the spotlight

          KUALA LUMPUR: After the disappointment over the the termination of the proposed merger between IJM Land Corp and Malaysian Resources Corp Bhd (MRCB), the stocks will be in focus when they resume trading today.

          Shares of MRCB, IJM Land and the parent IJM Corp Bhd fell ahead of the announcement last Thursday.

          AmResearch said, on the surface, the termination of the proposed merger may not be good for IJM Corp as its perceived front-running role in the Employees Provident Fund-led infrastructure and property developments may not be as strong.

          “But, this does not mean that IJM Corp will lose out,” said AmResearch, noting that the EPF is still the single largest shareholder in IJM Corp with a 16% stake, followed by Permodalan  Nasional Bhd at 9%.

          “Furthermore, IJM Corp’s execution and delivery track record as a contractor, particularly for Grade A buildings, is impeccable. The recent award of the Platinum Park building job worth RM431 million is a good case in point. We believe that there are other strong enough share price catalysts underpinning IJM Corp’s share price going into 2011.”

          The research house pointed out that IJM Land’s investment thesis was intact. The focus would again gravitate back to its strong fundamentals, deep value and astute management.

          AmResearch said it remains a buyer of IJM Land particularly if its share price were to retrace back to the RM2.70 to RM2.75 levels, before the announcement of the merger proposal on Nov 23.

          Other stocks in focus are Maxbiz Corp Bhd, Dialog Group Bhd, Berjaya Corp Bhd, Talam Corp Bhd, Ranhill Bhd and SilverBird Group Bhd.

          Maxbiz Corp Bhd said there were no changes in the status regarding the default in payments on outstanding loan stocks, arrears and loans but it did provide more details about its proposed acquisition of PT Jasa Medivest in Indonesia, which it had bid RM8.8 million for.

          Investors’ concerns are about Maxbiz’s inability to service its loans and this would continue to weigh down the company’s prospects despite the proposed bid for Jasa Medivest.

          Dialog’s subsidiary Dialog E&C Sdn Bhd has secured a RM64.6 million contract from Asean Bintulu Fertilizer Sdn Bhd (ABF) to build a cooling tower in Bintulu, Sarawak.

          The scope of work involves the engineering, procurement, construction, commissioning and associated works of the new tower.

          Berjaya Corp’s net profit for the second quarter ended Oct 31, 2010 jumped 66.9% to RM86.54 million from RM51.83 million a year ago.

          The better performance was due mainly to write-backs of impairment in value on investments in associated companies and gains on the disposal/partial disposal of subsidiary companies as well as a gain arising from accretion of interest in an associated company and lower finance costs.

          Talam posted a net loss of RM83.29 million in 3Q ended Oct 31, 2010, compared with net profit of RM118,000 a year ago, mainly due to losses on disposal of  two parcels of development property totalling RM43.85 million and foresees a challenging remaining financial year for the group.

          Standard & Poor’s Ratings Services has placed its “B” long-term corporate credit rating of Ranhill Bhd on “CreditWatch with negative implications”. It also placed its B- issue rating on US$220 million 12.5% senior unsecured notes due October 2011 issued by Ranhill (L) Ltd on “CreditWatch with negative implications”.

          SilverBird’s net profit for the fourth quarter ended Oct 31, 2010 rose 36.66% to RM835,000 from RM611,000 a year ago mainly due to the sales growth in its core consumer food division.

          Revenue for the quarter rose 6.75% to RM153.92 million from RM144.19 million in 2009. Earnings per share were 0.22 sen while net assets per share were 53 sen.

          http://www.theedgemalaysia.com/i ... -the-spotlight.html

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          发表于 2011-1-4 20:46 | 显示全部楼层
          Failed deal a blessing in disguise?

          KUALA LUMPUR: The falling through of the proposed merger between Malaysian Resources Corp Bhd (MRCB) and IJM Land Bhd could be a blessing in disguise for the former.

          “For the shareholders of MRCB, a merger at a later date could mean a better deal. This is presuming MRCB’s valuation could be further enhanced once its role in the Rubber Research Institute of Malaysia (RRIM) land is firmed up,” said a market observer.

          After falling at the start of the day, MRCB’s shares ended yesterday’s trade one sen higher to RM2 with a volume of 8.67 million. However, IJM Land’s  share price continued to fall, closing nine sen lower to RM2.77 with 10.59 million shares done.

          At yesterday’s closing prices, both MRCB and IJM Land’s shares have surrendered their gains driven by the proposed merger that was first announced on Nov 23. In fact, both have yesterday closed below their prices on Nov 22 of RM2.15 and RM3.08, respectively.

          Nonetheless, it was IJM Land’s shareholders that had suffered the heavier blow. Note that MRCB’s share price had only fallen 6.1% from its high of RM2.13 on Dec 10 while IJM Land had lost 14.5% from its high of RM3.24 on Dec 29.

          Despite the termination of merger talks at this stage, most analysts are still upbeat on the prospects of both MRCB and IJM land, saying the knee-jerk reaction to their falling share prices could present a good opportunity to acquire shares.

          In fact, the aborted plans may work out to be a blessing in disguise in favour of MRCB, they said.

          MRCB is widely regarded as the front runner in securing the lead developer role, if not a major participation, in the development of the 3,300-acre RRIM land in Sungai Buloh. This is by virtue of the fact that the Employees Provident Fund (EPF) — which has been granted the mandate to develop the RRIM land — is MRCB’s controlling shareholder with a 41.63% equity interest.

          “For the EPF to maximise its returns from the RRIM land, MRCB in which the retirement fund holds a significant interest has to play a major role,” said an analyst.

          “If the merger talks were to be reignited after it is being firmed up that MRCB would have a major role in the RRIM land, the latter’s shareholders — which include the EPF — would benefit from a higher swap ratio against IJM Land shares,” he added.

          The analyst said the “RRIM land factor” was not “well reflected” in the indicative price of RM2.30 per MRCB share in the merger with IJM Land. IJM Land was valued at RM3.65 per share in the aborted exercise.

          It was previously reported that at least one research house, namely OSK Research, had not viewed the indicative price of RM2.30 as being fair to MRCB’s shareholders as it offered limited upside to MRCB’s share price prior to the suspension on Nov 23 of RM2.15.

          While details on why the deal fell through remain sketchy at this juncture, CIMB Research said it believes a contributing factor was the pricing for MRCB’s concession assets.

          “(They) were to be rationalised and absorbed by IJM Corp Bhd (IJM Land’s parent) and would make up the potential cash payout on top of the swap price of RM2.30 for MRCB. The reference price for IJM Land was set at RM3.65,” it said. “The termination of the merger deal is less negative for MRCB given its lower valuation for the swap price.”

          Like many others, CIMB Research saw the potential upside in the proposed merger, which would have created the country’s second-largest property company with a market capitalisation of about RM7 billion as well as enhanced liquidity and credibility.

          “We also noted the good fit between the two companies. MRCB would bring to the table its links to EPF, status as a GLC, exposure to government projects under the Economic Transformation Programme (ETP), expertise in transport infrastructure and likelihood of participation in both infrastructure/development of the Sungai Buloh land,” it said. “Meanwhile, IJM Land would offer its wealth of expertise in both commercial and residential development.”

          However, it noted that MRCB was still poised to do well on its own. Likewise, Credit Suisse in a research note on Dec 30, 2010 said it felt IJM Land was fundamentally sound and had the sufficient strengths to perform well by itself.  

          Credit Suisse said its view on IJM Land remained unchanged as it had not factored in the effects of the MRCB merger into its target price of RM3.20. “We remain positive on IJM Land as it remains out preferred proxy for the booming Malaysian property sector,” it said.

          Credit Suisse also said it did not view the aborted merger as being a major disappointment as it said the possible benefits of the merger to IJM Land were not as apparent as some of the immediate risks such as the possible dilution of earnings as well as integration challenges.

          It added that when MRCB and IJM Land announced the possible merger, there were some issues Credit Suisse felt were unresolved, namely the pricing of MRCB’s non-property assets to be transferred to IJM Land and the management of other operating entities, which they felt could have led to the demise of the deal eventually.

          However, ECM Libra Research was disappointed with the breakdown of merger talks at this juncture, saying IJM Land was close to securing a bigger part in the development of the Sungai Buloh project, potentially through MRCB.

          AmResearch also expressed some disappointment at the termination of talks, saying it was a “missed opportunity” for MRCB to merge with a capable developer, although it expected this would not be the end to possible future partnerships between the two entities.

          “With MRCB and IJM Land both having the EPF as a common major shareholder, it is inevitable that both will enter into future partnerships or contemplating another merger again. Whether the next merger would be more favourable to MRCB or IJM Land would naturally depend on where EPF has the higher stake,” said an analyst.

          http://www.theedgemalaysia.com/i ... ng-in-disguise.html

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          发表于 2011-1-14 23:35 | 显示全部楼层
          怡保工程料攫40億工程

              * 大馬財經

          2011-01-14 19:17

          (吉隆坡14日訊)怡保工程(IJM, 3336, 主板建筑組)與政府獨家洽談的西海岸高速公路工程已進入尾聲,該合約總值介於40億至50億令吉。

          看好該公司可取獲合約,一旦成功,怡保工程的訂單料倍增。

          市場反應

          受外資點名看好,該股週五以平盤6令吉52仙開跑,盤中股價節節升高,臨尾以全日最高6令吉70仙掛收,起18仙或2.76%。


          星洲日報/財經‧2011.01.14

          http://biz.sinchew-i.com/node/43031

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          发表于 2011-2-23 21:29 | 显示全部楼层
          IJM Corp 3Q earnings up 58pct to RM132.19m, boost from property, plantation

          KUALA LUMPUR: IJM Corp Bhd’s earnings rose 58% to Rm132.19m in the third quarter ended Dec 31, 2010 from RM83.64 million a year ago, boosted by its property and PLANTATION []s sector.

          It said on Wednesday, Feb 23 revenue dipped 3.7% to RM901.34 million from RM936.31 million. Earnings per share were 9.78 sen compared with 6.32 sen.

          IJM said the lower revenue was mainly due to mainly to the CONSTRUCTION [] and property divisions.

          “The decrease in construction revenue was mainly caused by delays in some of the overseas projects while progress at local major projects such as the Grand Hyatt in Kuala Lumpur and Besraya Highway Extension have yet to reach full swing.

          “Similarly, a substantial portion of the Group’s current property portfolio comprised of projects that were still in early stages of construction such as The Light development in Penang,” it said.

          IJM Corp said operating profit before tax rose 39.6% to RM224 million from RM161 million due to a capital gain of RM63 million from the disposal of a subsidiary.

          Operating revenue fell 15.1% while the group’s pre-tax profit increased by 44.9% mainly due to higher margins achieved by the property and plantation division, higher net foreign exchange translation gains in respect of offshore US Dollar denominated borrowings in the group’s infrastructure division and one-off capital gain arising from the disposal of a subsidiary.

          http://www.theedgemalaysia.com/b ... rty-plantation.html

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          发表于 2011-2-24 10:06 | 显示全部楼层
          更新: February 24, 2011 00:57

          怡保工程
          第三季淨賺1.3億
          (吉隆坡23日訊)怡保工程(IJM,3336,主要板建築)備受種植和房地產業務激勵,第三季淨利按年上漲28%,達1億3219萬令吉。

          據馬證交所報備文件,怡保工程截至去年12月第三季,營業額因建築業務收入走低,按年微跌3.7%至9億135萬令吉,首9月也下滑15%至26億7294萬令吉。

          該公司首三季淨利,則年增54%至3億4152萬令吉。

          該公司房產臂膀怡保工程置地(IJMLAND,5215,主要板房產)第三季營業額微跌4.2%,到2億5521萬令吉,9個月則滑2.6%至8億3312萬令吉。

          由于脫售子公司,怡保工程置地第三季淨利勁揚2.9倍,報9004萬1000令吉,使累積淨利翻倍到1億7365萬令吉。

          受益于原棕油售價高企,怡保工程種植(IJMPLNT,2216,主要板種植)第三季營業額得以年增32.7%,報1億6043萬令吉,累積營業額也漲33.7%到4億731萬令吉。

          該公司第三季淨利上升14.3%,達4404萬5000令吉,首三季淨利激增90.3%至1億2128萬令吉。

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