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[公司专区] 3336 IJM 怡保工程

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发表于 2011-2-24 10:25 | 显示全部楼层
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发表于 2011-2-24 16:32 | 显示全部楼层

    * 大馬財經
    * 即時新聞

2011-02-24 16:05

(吉隆坡24日訊)怡保工程(IJM, 3336, 主板建築組)2011年財政年第三季核心淨利表現略為遜色、預料建築業前景受看好挹注下,未來兩年淨利仍可平穩成長,2013財政年更有望突破5億令吉大關。


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发表于 2011-2-24 17:35 | 显示全部楼层
IJM Corp profit rises 58% in 3Q

KUALA LUMPUR: IJM Corporation Bhd recorded RM132.2 million profit for the third quarter ended Dec 31, 2010 (3QFY11), an increase of 58% from RM83.64 million recorded in the same period a year ago due to strong contributions from its property and plantation divisions.

Group revenue declined by 3.7% to RM901.3 million from RM936.3 million a year ago while its earnings per share rose from 6.32 sen to 9.78 sen.

Its nine-month profit also rose 54% to RM341.5 million from RM221.5 million a year ago, up 54%. Its revenue, however, fell by about 15% from RM3.14 billion to RM2.67 billion.

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

The development of The Lights in Penang, the flagship property development of subsidiary IJM Land Bhd, is still in its early stages.

However, the company stated that the construction division’s performance is expected to improve as order book replenishment prospects remain encouraging.

The property division is also expected to grow due to improved consumer sentiment, attractive mortgage environment. Unbilled sales are also expected to help deliver better results for the division.

Higher CPO prices continue to augur well for its plantation arm. The average realised price of CPO was RM2,671 per tonne compared with RM2,205 per tonne in the previous corresponding period.

With the current financial year ending in March, the division is expected to contribute favourable results. ... rises-58-in-3q.html

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发表于 2011-2-24 17:56 | 显示全部楼层
IJM置地净利飙2.94倍 IJM第三季净赚1.3亿
2011/02/24 11:30:47 AM








公司指出,净利飙升主要是脱售子公司Delta Awana私人有限公司后获利,以及现有工程的盈利赚幅增加所致。






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发表于 2011-2-24 18:12 | 显示全部楼层
KLCI below 1,500, broader market weaker, IJM down 3.8pct
Written by Joseph Chin of   

KUALA LUMPUR: The FBM KLCI fell below the important 1,500 level in late afternoon trade on Thursday, Feb 24, weighed down by losses by big capitalised stocks.

At 3.43pm, the KLCI fell 11.28 points to 1,499.83. Turnover was 1.4 billion shares valued at RM1.68 billion. Losers beat gainers 773 to 109 while 174 stocks were unchanged.

IJM Corp was nearing the RM6 level as investors sold the stock following its lower core earnings. IJM Corp was down 24 sen to RM6.01 with 9.96 million shares done.

Maybank Investment Bank Research (Maybank IB) said IJM’s nine-months earnings of RM341 million net profit (+54% on-year) included a RM99 million one-off gain of which RM68 million was recognised in 3Q.

“Excluding the gains, RM243 million nine-month core net profit (+10% on-year) was below expectations at 65% of our RM375 million FY11 core net profit forecast.

“The operational shortfall came from IJM Land and lower margins at the other businesses. We lower our FY11 core net profit forecast by 11% (to RM333 million), but raise FY12 forecast by 3% for higher CPO price assumption. We downgrade our call on the stock with share price nearing our new RM6.50 target price (+10sen),” it said.

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发表于 2011-3-7 17:29 | 显示全部楼层
JP Morgan maintains Overweight on IJM, WCT, Neutral on Gamuda

KUALA LUMPUR: JP Morgan Asia Pacific Equity Research maintains its overweight ratings on IJM Corp Bhd and WCT Corp Bhd and its neutral rating on GAMUDA BHD [].

It said Malaysian CONSTRUCTION [] stocks have been beaten down on heightened risk aversion following the Middle east and North Africa (MENA) political turmoil.

“Gamuda, IJM and WCT are down 4.8%, 1.8%, and 4.3% YTD, in our view providing a good buying opportunity for IJM, our top pick in the construction space, and for WCT in the mid-cap space, as we think valuations have become more attractive, and they are trading well within mean and 1SD (one standard deviation),” it said in a research note issued on Friday, March 4.

In its analysis, JP Morgan Research said Gamuda’s exposure to MENA was small, at 1.7% of total outstanding construction order book, IJM’s is 2%, while WCT’s is the largest, at 42%.

The bulk of WCT’s exposure is to Qatar, where WCT’s management believes the risks are lower given that Qatar has the highest GNP per capita in the world.

Qatar’s proven natural gas reserves stood at approximately 896 trillion cubic feet as of Jan 1, 2011, and it holds almost 14% of total world natural gas reserves, the world’s third largest.

WCT’s major project in Qatar, the RM1.36 billion ministerial building (37% of outstanding order book) is buffered by advance payments, while all progress billings are on a monthly basis, mitigating risks further.

Gamuda’s share price was down 2.5% year-to-date in market capitalisation against a 0.9% sum of the parts (SoTP) exposure from MENA, IJM’s market capitalisation fell 7.3% against no SoTP exposure from MENA, while WCT fell 6.3% against SoTP exposure of 0.9% from Bahrain and 19.9% from Qatar.

“We remain positive on the construction sector, supported by rollout of projects under the Economic Transformation Progamme (ETP), and RM67 billion private-public partnership (PPP) projects under the 10th Malaysia Plan.

“Recent newsflow has turned even more positive for the sector, with the appointment of Gamuda-MMC as the project delivery partner for the RM36 billion mass rapid transit (MRT) project, slated to commence in July this year; and the letter of intent given to MRCB for the close to RM18 billion River of Life project, both part of the ETP.

“We expect positive construction order flows will be the driver of share price performance. Another project due for award soon is the second package of the RM7 billion LRT extension project, for which tenders will close by April,” it said. ... tral-on-gamuda.html

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发表于 2011-4-1 21:05 | 显示全部楼层
IJM unit New Pantai Expressway gets ‘greenlight’ for NPE extension to Ampang

KUALA LUMPUR: IJM Cop Bhd’s unit New Pantai Expressway Sdn Bhd (NPE) has received the go-ahead from the Prime Minister’s Department for the proposed New Pantai elevated highway extension to Ampang-Kuala Lumpur.

IJM said on Friday, April 1 it had received the letter from the Public Private Partnership Unit approving in-principle the project.

“The project is to be privatised by way of a supplemental agreement to the concession agreement dated March 26, 1996, and is subject to further negotiation on the technical and financial terms and conditions of the project.  The negotiation is expected to be concluded within six months from the date of the letter,” it said. ... sion-to-ampang.html

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发表于 2011-4-4 17:25 | 显示全部楼层
Maybank IB Research maintains Hold call on IJM Corp

KUALA LUMPUR: Maybank Investment Bank Bhd Research has maintained its Hold recommendation on IJM CORPORATION BHD [] at RM6.35 with unchanged target price of RM6.50.

It said the two toll concessions, given the go-ahead by the government last Friday, should positively boost IJM Corporation's CONSTRUCTION [] order book, which stands at approximately RM4.1 billion now.

“We estimate order book could easily double.

‘”The impact on valuations cannot however be assessed in the absence of further information,” it said in a note Monday, April 4. ... ll-on-ijm-corp.html

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发表于 2011-4-5 17:23 | 显示全部楼层
IJM Corp gets two new toll concessions

IJM Corp Bhd
(April 4, RM6.45)
Maintain hold at 6.35 with target price RM6.50: Last Friday, the government gave the go-ahead to two toll concessions, which should positively boost IJM Corp’s construction order book, which stands at approximately RM4.1 billion now. We estimate the order book could easily double. The impact on valuations cannot, however, be assessed in the absence of further information. We maintain our “hold” call on IJM for now, with an unchanged RM6.50 realisable net asset value target price, which implies a 21 times 2011 earnings multiple.

Kumpulan Europlus Bhd’s (K Euro) 64.2% subsidiary West Coast Expressway Sdn Bhd received a letter on April 1 from the Public Private Partnership (PPP) Unit of the Prime Minister’s Department approving in principle the construction of the West Coast Expressway (Taiping-Banting) on a build-operate-transfer basis. The final approval is subject to further negotiations on the technical and financial terms, expected to be completed within six months. K Euro is a 25% associate of IJM Corp.

New Pantai Expressway Sdn Bhd (NPE) also received a letter from the PPP Unit on April 1, approving in principle the New Pantai Elevated Highway extension to Ampang.

The project will be privatised via a supplemental agreement to the original concession agreement dated March 26, 1996, and is subject to further negotiations on the technical and financial terms, to be concluded within six months. NPE is a 100%-subsidiary of IJM Corp.

The original construction value of the West Coast Expressway, when it was conceived at least a decade ago, was RM3 billion. The value should have risen substantially by now, considering the rise in construction material costs over the years. While the concession will be parked under K Euro, IJM Corp’s construction unit is expected to secure the whole construction works.

The New Pantai Elevated Highway extension to Ampang could easily cost above RM1 billion, based on very preliminary assessments. Total construction value from the two projects is likely to be above RM4 billion.

The length of the construction period and when work on the two projects will start, which would impact near-term construction earnings forecasts, are unknown at this juncture.

Also, unknown is the internal rate of return for both concessions, which we believe is in the region of 12% to 15%. We are also unsure on traffic risk, and the potential sharing of such risk with the government, since infrastructure projects will be under taken via the PPP method as highlighted under the 10th Malaysia Plan. — Maybank IB Research, April 4 ... ll-concessions.html

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发表于 2011-4-5 20:21 | 显示全部楼层
獲2大道合約 怡保工程走高
















上述消息激勵怡保工程週一的股價全日保持升勢,最終以6.45令吉掛收,上升1.58%,或10仙。怡保工程早盤一度擠入全場十大最活躍股。 ... JeD00c346v00nXK5vEW

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发表于 2011-4-7 18:23 | 显示全部楼层

2011/04/07 10:52:21 AM




IJM通过子公司于上周五,原则上获得首相署旗下的公共私人伙伴单位,承建西海岸大道(West Coast Expressway),以及扩展新班底大道路线-安邦至吉隆坡路线。














达证券分析员则基于获颁大道工程的消息,上修IJM在2012财年盈利预测2.7%, 2013财年则上调2.4%,不过却建议投资者“卖出”该股。

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发表于 2011-4-8 21:11 | 显示全部楼层
OSK Research ups IJM earnings, keeps Neutral rating

KUALA LUMPUR: OSK Research said IJM Corp recently received the approval in-principle for the New Pantai Expressway extension while its associate, Kumpulan Euro, got the go-ahead for the West Coast Expressway.

The research house estimated on Thursday, April 7 that these two highway jobs would boost IJM’s orderbook by 65%-70%. IJM has also tendered for the LRT Package B and will be bidding for the MRT elevated portion.

“Despite these positives, there may be a RM70m provision in 4Q which would cut our FY11 earnings by 16%. We raise our FY12-13 earnings by 1-3% but maintain our NEUTRAL rating,” it said. ... neutral-rating.html

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发表于 2011-4-8 21:20 | 显示全部楼层
IJM could provide RM70m for Indian, Mideast jobs

KUALA LUMPUR: IJM Corp Bhd could provide RM70 million for its construction division in 4QFY11 ended March 31, 2011, caused by overdue claims from its jobs in the Middle East and India, said OSK Research.

“Should the provision be made, this will cut our FY11 earnings forecast by 15.5% to RM380.8 million. This aside, we are still optimistic on IJM’s construction division, which should see continued margin expansion in the subsequent quarters as more of its recently secured jobs gain traction,” said the research outfit in a report yesterday.

In IJM Corp’s FY10 annual report, the group said its construction division’s pre-tax profit fell 23.4% to RM30.89 million from RM40.33 million, mainly due to lower revenue from operations in India and the Middle East. IJM Corp said the drop in revenue was underpinned by suspension of works of some projects and lower business activities, given unfavourable market conditions.

OSK Research said IJM Corp’s order book stood at RM4.1 billion currently, of which 80.5% was from domestic projects.

“Management appears to be upbeat on its order book prospects. Assuming IJM Corp bags half of the RM4 billion West Coast Expressway, the jobs from the two expressways would total RM2.7billion to RM2.9 billion, which will boost its order book by 65% to 70%,” it said.

Apart from highway jobs, the research house said IJM Corp had also tendered for Package B of the light rail transit (LRT) extension (RM2 billion) and would be bidding for the elevated portion of the Sungai Buloh-Kajang mass rail transit. We also see more private sector jobs for the group when the redevelopment of the Rubber Research Institute land and Sungai Besi Airport kicked off.

OSK Research added that IJM Corp had recently received the approval in-principle from the Prime Minister’s Department for the New Pantai Expressway (NPE) extension. “We understand that the elevated extension will span 10km, starting from the existing Pantai toll interchange to Ampang in KL,” it said.

Meanwhile, OSK Research said the 12.3km Besraya extension, which was awarded last year, would translate into RM48.8 million per km. “We argue that the price for the NPE extension could be higher as it is fully elevated, compared with only 80% for Besraya, and material prices are now higher than a year ago.

“Our estimate is between RM700 million and RM900 million for the NPE extension, which will be executed on a built-operate-transfer basis,” it said. ... n-mideast-jobs.html

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发表于 2011-4-20 19:54 | 显示全部楼层

    * 大馬財經

2011-04-20 19:00

(吉隆坡20日訊)怡保工程(IJM, 3336, 主板建筑組)將把業務焦點由海外放回國內,並預計從國內各基建計劃緊鑼密鼓執行獲利,旗下公司參與的西海岸大道與新班底大道擴展計劃獲50億令吉工程,產業發展公司2011財政年獲11億令吉產業銷售。


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发表于 2011-4-22 10:09 | 显示全部楼层
業績評論 2011-04-20 19:11

(吉隆坡20日訊)怡保工程(IJM, 3336, 主板建筑組)將把業務焦點由海外放回國內,並預計從國內各基建計劃緊鑼密鼓執行獲利,旗下公司參與的西海岸大道與新班底大道擴展計劃獲50億令吉工程,產業發展公司2011財政年獲11億令吉產業銷售。






怡保工程持有22.75%的優樂控股(EURO, 7208, 主板消費品組),全權持股的新班底大道有限公司,已獲首相署公私合營組原則上批准,以發展太平--萬津西海岸大道和新班底大道安邦--吉隆坡延長大道。







產業臂膀怡保置地(IJMLAND, 5215, 主板產業組)的產業前景不俗,2011財政年銷售超越11億令吉,以後更將以大型產業發展計劃所主導。

怡保工程持有68.1%的怡保置將於6月推展3億令吉Light Collection 111,9月則在武吉占姆推展148單位高低樓公寓,總發展值1億1千300萬令吉,另推出7千200萬Pearl Regency計劃81單位零售商場;接近檳城大橋的Metro East綜合發展計劃,預計今年下半年推出,期昐2012財政年達13億令吉銷售目標。



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发表于 2011-4-25 23:50 | 显示全部楼层
海外建筑工程逾期偿款 IJM末季料亏损拨备7000万
2011/04/25 5:29:24 PM




IJM 估计将于5月27日,公布2011财年第四季业绩报告,若剔除上述拨备金因素,该公司预计取得的全年净利达3亿6000万令吉。

较早前,IJM也获得首相署旗下的官私伙伴单位首肯,承建西海岸大道(West Coast Expressway),以及扩展新班底大道路线-安邦至吉隆坡路线。





分析员表示,随着2011财年的原棕油平均售价按年扬升25%(2011财年首九个月为每吨2671令吉,按年增长21%),IJM 2011财年的种植盈利将因而提高。

在槟城强劲产业销售的推动下,IJM 2011财年的产业销售料将取得13亿令吉,而上财年的产业销售则录得12亿6000万令吉。




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发表于 2011-4-26 17:48 | 显示全部楼层
IJM’s 4Q results likely to be less inspiring

KUALA LUMPUR: Analysts expect IJM Corp Bhd’s performance for the first four months of the year to decline from the previous quarter due to provisions for its construction jobs in the Middle East and India.

In a report yesterday, Maybank IB Research noted that results for 4Q11, due later this month, could be disappointing as the company could have to provide RM70 million to cover outstanding claims on cost overruns and delays from its jobs there.

But the provision was seen as having a positive impact on IJM in the longer term, if the company decides to place heavier emphasis on domestic jobs due to the less-than- satisfying overseas ventures.

“While it [the RM70 million provision] is a negative, we take comfort in the fact that IJM may focus on domestic jobs going forward, where margins are healthier and collection is more certain,” said ECM Libra.

The research houses added that local jobs made up 80% of the company’s current order book of RM4.1 billion, up from 70% in 2007. Of the current total, the Middle East and India made up RM100 million and RM700 million respectively.

Additionally, ECM Libra estimated IJM would gain some RM5 billion from the Taiping-Banting West Coast Expressway (WCE) and New Pantai Expressway (NPE) extension projects. Negotiations on the technical specifications and financial aspects of both projects should take place in the next five months.

“Taking into account the construction cost of IJM’s comparable highway projects such as the RM600 million Besraya Extension Highway, and possible cost pass-through from rising building material prices in the near term, we estimate the combined value of IJM’s share of both the NPE and WCE to be RM5 billion, to be spread over the next five years or so,” said ECM Libra.

Additionally, the research house was optimistic IJM would benefit from the string of jobs yet to be announced under the government’s Economic Transformation Programme (ETP).

“We think IJM with its infrastructure capability and track record is poised to ride on the increase in domestic construction contract flows, instead of venturing into overseas jobs which have (shown to have) higher execution risk,” said ECM Libra.

IJM Corp had also tendered for a portion of the RM2 billion light rail transit (LRT) extension and the Sungai Buloh-Kajang mass rail transit system.

OSK Research earlier noted that prospects could also improve when the redevelopment of the Rubber Research Institute Land at Sungai Buloh and Sungai Besi Airport begins. ... less-inspiring.html

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发表于 2011-4-28 18:20 | 显示全部楼层
CIMB Research maintains Outperform on IJM Corp

KUALA LUMPUR: CIMB Equities Research is maintaining its OUTPERFORM call on IJM Corp and raised the target price to RM8.

It said on Thursday, April 28 that IJM’s YTD share price underperformance relative to other CONSTRUCTION [] stocks under its coverage creates a buying opportunity.

The underperformance which was triggered by concerns over the Middle East and c. RM70m potential provisions in India and the Middle East in 4QFY3/11 is unjustified given the potential near-doubling of its order book by end-2011, taking it past the 2007 peak of RM6.5bn.

“The expected pick-up in ETP execution should lead to the award of large-scale transport infrastructure and highway jobs in 2H11 to construction players which have demonstrated their ability to execute big contracts,” it said.

CIMB Research cut its FY11 EPS forecast by 15% to reflect the likely provisions but raise FY12-13 EPS by 15-26% for higher new contract assumptions.

“This increases our RNAV-based target price from RM7.70 to RM8.00. Contract awards remain the main potential share price trigger and underpin our OUTPERFORM call,” it said. ... rm-on-ijm-corp.html

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发表于 2011-5-2 17:09 | 显示全部楼层

業績評論  2011-04-26 19:04
(吉隆坡26日訊)怡保工程(IJM, 3336, 主板建筑組)可能需為建築業務作出7千萬令吉撥備,加上種植業務數據疲弱,料對5月杪出爐的2011財政年第四季財報帶來衝擊,但經濟轉型計劃龐大基建工程,有望提振訂單表現。











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发表于 2011-5-9 17:11 | 显示全部楼层
IJM Corp’s valuations inexpensive

IJM Corp Bhd
May 6, RM6.20)
Buy at RM6.18 with revised target price from RM7.30 to RM8.70: We have switched our sector pick to IJM Corp from Gamuda given strong expectations of more assured and immediate order book replenishment. We raise our sum-of-parts derived target price for IJM Corp to RM8.70 after upgrading FY12/13F earnings per share by 9% to 14% to account for RM3 billion to RM5 billion of new wins now against RM2 billion previously, and taking into account a larger 68.1% stake in IJM Land against 61.6% previously, following the conversion of RM400 million worth of redeemable convertible unsecured loan stocks (RCULS) and lower target price for IJM Plantations. Valuations for IJM Corp at a price-earnings ratio of 14 times FY13 earnings and a price to net tangible assets ratio of 1.3 times are inexpensive.

The construction unit is going strong with some RM5 billion of new orders to be converted by CY11, boosting the group’s order book to RM9 billion from RM4 billion now. These include the New Pantai Expressway (NPE) extension and West Coast Expressway (WCE).

In addition, the quality of its order wins will be better with some 90% being local government jobs against 50% overseas projects in 2007. IJM Corp is reasonably assured of these wins in the medium term. This is excluding the light rail transit (LRT), mass rapid transit (MRT) and government building jobs such as the KL Financial District and private sector jobs for which the builder is a strong contender. We also expect its manufacturing unit to be a key beneficiary.

IJM Land will continue to chalk up strong property sales of about RM1.35 billion in FY11, beating its FY10 peak of RM1.25 billion. We view the RCULS conversion by IJM Corp as an indication of expected strong earnings momentum in IJM Land in the coming years. In CY12, two key projects will be launched — Canal City and Sebana Cove with a total gross development value of RM7.4 billion. The success of Canal City is important because it will give IJM Land a much needed flagship Klang Valley township development to leverage on for further expansion, possibly including the Rubber Research Institute Malaysia (RRIM) land.

For the NPE, we expect pretax margins of at least 8%, possibly beating margins for the RM600 million Besraya extension project, because it is being negotiated now when raw material costs are higher.

For the WCE, the cost of the project was initially RM3 billion, but we understand it will be substantially higher now given changes to the overall alignment and overall increase in raw material costs.

Other potential jobs in the pipeline are LRT extensions phase 2 worth RM2.2 billion, MRT non-tunnelling works for the Blue Line worth RM11 billion, and government building jobs such as the KL Financial District, RRIM land and Jalan Cochrane.

We believe IJM is a strong contender for all these projects given its track record, strong balance sheet, and niche in building jobs with experience in Grade A office, luxury condominiums and other commercial and residential projects.

IJM Corp is scheduled to release its 4QFY11 results in late May. We understand there could be some RM70 million in writedowns at its construction unit, largely related to legacy jobs in India and some outstanding jobs, where the management is expecting non-payment and delays in land acquisition.

Even without the writedowns, we do not expect substantial improvement in 4QFY11 construction margins. We only expect margins to normalise in 2HFY12, when key local projects are in full swing. Our current FY11 forecast excludes the likelihood of this provision. — HwangDBS, May 6 ... ns-inexpensive.html

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