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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
怡保工程淨賺1.3億
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(吉隆坡23日訊)怡保工程(IJM,3336,主板建築股)2011財政年第三季(截至12月31日)淨利按年攀升58.03%,至1億3219萬令吉。營業額按年減少3.73%,至9億0134萬令吉。

該公司首9個月淨利按年上漲54.16%,至3億4152萬令吉。營業額則按年下滑15.07%,26億7293萬令吉。

IJM種植上漲14%

IJM種植(IJMPLNT,2216,主板種植股)本財政年第三季(截至12月31日)淨利按年上漲14.33%,達4404萬令吉。營業額按年增長32.67%,至1億6042萬令吉。

該公司首9個月淨利大漲90.25%,報1億2127萬令吉。同期營業額按年成長33.66%,至4億零731萬令吉。

IJM置地淨利飆294%

IJM置地(IJMLAND,5215,主板產業股)本財政年第三季(截至12月31日)淨利猛漲294.26%,至9004萬令吉。營業額按年跌4.19%,至2億5520萬令吉。

該公司首9個月淨利按年攀升100.08%,至1億7364萬令吉。同期營業額按年收窄2.60%,至8億3311萬令吉。

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发表于 2011-2-24 16:32 | 显示全部楼层
怡保工程2013年有望突破5億

    * 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。


目前該公司手持建築工程合約值40億令吉。截至上季為止,該公司競標工程合約總值約100億令吉,其中90%為國內工程計劃。該公司管理層認為,預料該公司每年可取得20億令吉新工程合約。
星洲互動‧2011.02.24

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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.

http://www.theedgemalaysia.com/i ... 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
●南洋商报

(吉隆坡23日讯)IJM(IJM,3336,主板建筑股)截至2010年12月31日第三季,获得1亿3219万2000令吉净利,比上财年同期的8364万8000令吉劲扬58.03%。

现财年第三季营业额则微跌3.73%至9亿134万5000令吉,上财年同期为9亿3630万8000令吉。

截至去年12月杪首三季内,公司共赚3亿4152万2000令吉净利,比上财年同期的2亿2153万6000令吉弹升了54.16%。

现财年首三季营业额则报26亿7293万5000令吉,较上财年同期的31亿4706万3000令吉萎缩了15.07%。

公司透露,建筑与产业业务是收入来源,并预计在全球金融市场欠稳下,商业环境将充满挑战。

另外,IJM置地(IJMLand,5215,主板产业股)截至2010年12月31日第三季,取得9004万1000令吉净利,比上财年同期的2283万8000令吉劲飙2.94倍!

第三季净利表现突出,使首三季净利倍增至1亿7364万6000令吉,上财年同期则报8678万7000令吉。

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。

不过,现财年第三季营业额则滑落4.19%至2亿5520万8000令吉,上财年同期为2亿6635万5000令吉。

现财年首三季营业额则从上财年同期的8亿5536万9000令吉,微挫2.60%至8亿3311万5000令吉。

怡保种植营收增32%

另外,受原棕油价格高企推动,怡保种植(IJMPlnt,2216,主板种植股)截至去年12月31日止第三季内,获得4404万5000令吉净利,以及1亿6042万6000令吉营业额,分别比上财年同期上扬14.33%及32.67%。

现财年首三季净利与营业额分别累积至1亿2127万6000令吉及4亿731万4000万令吉,与上财年同期的6374万6000令吉及3亿473万8000令吉相比之下,分别弹升了90.25%及33.66%。

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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 theedgemalaysia.com   


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.

http://www.theedgemalaysia.com/b ... 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.

http://www.theedgemalaysia.com/b ... 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.

http://www.theedgemalaysia.com/b ... 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

http://www.theedgemalaysia.com/i ... 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

(吉隆坡4日訊)獲得政府原則上批准執行西海岸大道及新班底高架大道的工程,激勵怡保工程(IJM,3336,主板建築股)股價週一走高,不過,分析員對於這項消息卻仍保持觀望。

多名分析員表示,相關工程的影響還須待政府公佈更多詳情。同時,他們也認為,上述工程經過多番展延,或許已經無法勾起投資者購興。

上週五,怡保工程獲得政府原則上的同意,在未來6個月里執行兩大工程,包括與聯號公司--優樂家集團(KEURO,3565,主板建築股)旗下的西海岸大道私人有限公司興建西海岸大道;以及擴建新班底大高架公路。

消息出街後,分析員對怡保工程的評價不一。拉昔胡申研究與達證券分析員均看淡該股的上升潛力。

拉昔胡申研究分析員短期對建築領域抱持「中和」看法,因為市場可能已經對一些不斷被翻炒的消息感到厭倦,比如輕快鐵與吉隆坡捷運計劃。

拉昔胡申研究維持該股的「落後大市」評級,合理價是6.39令吉;雖然達證券將該股目標價上修2.51%,至6.51令吉,但卻掛上「沽售」評級。

馬銀行投行分析員則基於大道計劃的資料不足而持觀望態度,所以維持怡保工程的「守住」評級與6.50令吉目標價。唯一看好以上大道工程可激勵怡保工程股價的艾芬投行分析員,則將評級從「增持」上修至「買進」,目標價是6.72令吉。

西海岸大道工程成本料更高

達證券分析員表示,針對銜接安邦至吉隆坡的新班底高架公路擴建工程,兩個地點的距離大約有12-15公里。若以怡保工程最近完成的新街場(Besraya)大道(長度為12.3公里,總值6億令吉)作為參考,新班底高架公路耗資料介於7億令吉至10億令吉。考慮到原料價格或上揚及工程複雜性,這項工程最快要在2012年才動工,竣工期是3年左右。

至於從太平通往萬津的西海岸大道,原本是90年代中期的計劃,但因為1997年的亞洲金融危機而被擱置。怡保工程收購優樂家集團25%股權,其實就是要獲得西海岸大道工程。

他認為,怡保工程將贏取該計劃的大部份工程,並扮演重要的角色。這條大道的長度是216公里,原成本是30億令吉,但現在相信已去到超過50億令吉,估計需要5年或更久來完工。

達證券說,以上消息對股價在過去4個月里站穩在5.90令吉以上的怡保工程無疑是有利的。隨著政府推出一系列的獎掖,他相信,該股股價可以支撐在當前水平。

隨著怡保工程囊括兩項新合約,該公司目前的訂單料達90億令吉。分析員將2012及2013財政年的財測,分別上修2.7%及2.4%。

艾芬投行分析員指出,該公司的稅前賺幅是7%,以上兩大工程可為該公司在未來3至4年帶來另外2億8700萬令吉盈利。

與此同時,拉昔胡申研究分析員強調,儘管他對上述發展抱持正面看法,但仍有所保留。這是因為他無法確定政府與參與計劃的各方能否在未來6個月里,針對技術與財務上的條件達成一致協議。因此,他將維持怡保工程的財測。

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。

http://www2.orientaldaily.com.my ... JeD00c346v00nXK5vEW

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发表于 2011-4-7 18:23 | 显示全部楼层
获两工程订单料达90亿
IJM晋大道公司老二

2011/04/07 10:52:21 AM
●南洋商报

(吉隆坡6日讯)IJM(IJM,3336,主板建筑股)在上周联获两项大道工程,很快便晋身第二大大道经营公司。

大马研究认为,这进一步加强IJM近年来积极参与大道建造以及经营权的业务,并成为继南北大道(Plus,5052,主板贸服股)后,我国第二大的大道经营公司。

目前,IJM在大马和印度,合计有9个大道经营权-3个在大马、5个在印度。

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。

不过,这两项工程的初步批准信中并未提及合约价格。

倍增至白亿

但分析相信,两项工程可使IJM的订单轻易增倍。

瑞士信贷分析员早在IJM正式宣布获颁这两项大道工程时、上调了目标价格。

根据消息指出,西海岸大道工程以及班台大道的延长工程,工程总值超过50亿令吉。

若取得上述合约,IJM的订单将会倍增至100亿令吉的历史新高。

此外,IJM有机会取得的其他工程,还包括总值10亿令吉的医院建筑工程,以及安邦路线轻快铁的延长工程。

评级按兵不动

虽然分析看好IJM此次夺标的发展,但因没有进一步详情,加上该股上涨空间有限,而对该股的评级按兵不动。

达证券分析员指出,有了这两项工程合约,IJM的订单有潜能达到90亿令吉。

IJM目前的订单总值41亿令吉。

提升3%合理价格

根据大马研究推算,若IJM在西海岸大道的营运资本以及经营权占有30%,也足以提升该公司的合理价格3%,达7.75令吉。

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.

http://www.theedgemalaysia.com/b ... 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.

http://www.theedgemalaysia.com/i ... n-mideast-jobs.html

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发表于 2011-4-20 19:54 | 显示全部楼层
怡保工程明後年財測獲上調

    * 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。


該公司管理層透露,第四季的虧損註銷約達7千萬令吉,作為以往迄今海外工程的開銷出超;為此,益資利研究大砍2011財政年淨利預測20%,2012與2013財政年建築賺益正常化後,調高淨利預測達2%與12%。
星洲互動‧2011.04.20

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发表于 2011-4-22 10:09 | 显示全部楼层
業務焦點轉回國內‧怡保工程賺幅回揚
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。

益資利研究說,怡保工程把工程重點由海外放回國內,除了可避免執行風險,賺益也比較豐厚,2013財政年賺益正常化至6%至9%後,前景更為亮麗。

注銷79萬影響2011財測

該公司管理層透露,第四季的虧損註銷約達7千萬令吉,作為以往迄今海外工程的開銷出超;為此,益資利大砍2011財政年淨利預測20%,2012與2013財政年建築賺益正常化後,調高淨利預測達2%與12%。

目前,該公司超過80%定單為本地業務,2007年只有70%本地業務。

益資利預期,自2009年至2011財政年,建築稅前盈利賺益平均只有2%,預料2013財政年有關賺益將正常化至6%到9%,主要是賺益更佳的新計劃如西海岸大道(WCE)和新班底大道(NPE)擴展,及彭雪跨州輸水計劃,正緊鑼密鼓進行。

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。

上述計劃曾於90年代提出,後因1997年金融風暴而暫擱,去年中獲重新批准納入第十大馬計劃下,總發展值150億令吉。

怡保工程預料將獲得主要工程,兩項工程最早於明年第一季展開。

考量到怡保工程在承建6億令吉新街場大道(BESRAYA)擴展大道時,可把上漲的成本轉移,在最近建材價格上漲期間,預測怡保工程可從上述兩項工程獲50億令吉,為期5年。

自從公佈經濟轉型計劃和第十大馬計劃以來,政府持續公佈各大基建計劃;包括巴生河流域捷運計劃,吉隆坡--新加坡高鐵,益資利認為,怡保工程擁有基建工程執行能力與紀錄,與其投入海外投資和面臨執行風險,怡保工程會增加投入國內工程。

該公司管理層透露,參與競標第二期輕快鐵工程,並已符合先決條件,參與雙溪毛糯--加影捷運配套。

怡保置地產業前景不俗

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。

益資利給予怡保工程“持有”評級,目標價為6令吉59仙。

星洲日報/財經‧2011.04.20

http://biz.sinchew-i.com/node/46301?tid=18

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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
●南洋商报

(吉隆坡25日讯)在海外建筑工程长期拖欠及逾期偿款的情况下,分析员预料IJM(IJM,3336,主板建筑股)在第四季可能面对7000万令吉的亏损拨备金。

马银行投资银行分析员表示,在IJM的订单中,海外工程占总值41亿令吉总订单的20%,即约8亿令吉;其中的7亿令吉是来自印度,剩余的1亿令吉则来自于中东地区。

在海外建筑工程面对上述拖欠及逾期偿款的因素影响下,IJM的亏损拨备金预计将达7000万令吉,分析员也对此大失所望。

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。

分析员披露,IJM将从中取得至少50亿令吉的工程订单,同时,也有望独揽上述所有工程的特许权。

鲜果串产量跌6%

“IJM也有意参与大吉隆坡的捷运系统工程和捷运(MRT)高架工程投标,目前正处于竞标和资格预审的阶段。我们相信,该公司正放眼从中标得部分工程,IJM料将在2011至2012年标得50亿令吉的工程。”

种植业务方面,2011财年的鲜果串(FFB)产量萎缩6.4%至70万8000吨,原棕油(CPO)产量也下滑7.6%至15万1000吨。

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。

“该公司总地库占6400英亩,潜在的总发展价值(GDV)达249亿令吉,基于一些发展是通过联营进行,估计IJM占有份额的发展潜能达193亿令吉。”

根据该股2012年的本益比(20.1倍)来计算,分析员认为这与IJM近期的盈利潜能相符。

剔除亏损拨备金的影响,分析员也微调IJM的盈利预测,并给予该股“守住”的评级,目标价也保持不变在6.50令吉的水平。

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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.

http://www.theedgemalaysia.com/i ... 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.

http://www.theedgemalaysia.com/b ... rm-on-ijm-corp.html

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发表于 2011-5-2 17:09 | 显示全部楼层
種稙業務疲弱‧7千萬額外撥備‧怡保工程末季料僅賺9千萬

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。

馬銀行研究表示,怡保工程即將在5月27日公佈2011財政年第四季財報,可能需為長期和未兌現索賠作出約7千萬令吉撥備,整體表現可能令人失望,預料只能取得9千萬令吉的
淨利,全年淨利估計為4億3千160萬令吉。

怡保工程第三季淨利為1億3千219萬令吉,首9個月淨利達3億4千152萬2千令吉。

目前,海外工程佔怡保工程41億令吉訂單的20%或8億令吉,其中7億令吉為印度工程,其餘1億令吉則為中東工程。

料可增50億訂單
馬銀行研究補充,西海岸大道和新班底大道延伸工程本月獲得放行,相關技術和財務條款預計在6個月內完成,而怡保工程可能負責相關工程的建築活動,料可增加50億令吉訂單。

“我們相信怡保工程現放眼大吉隆坡/巴生河流域輕快鐵延伸和捷運結構等工程,預計2011至2012財政年將可取得50億令吉新訂單目標。”

其他業務表現方面,怡保工程2011財政年第四季種植業鮮果串產能按季下跌32%至12萬9千公噸,原棕油產量則因季節因素按季萎縮38%至2萬5千公噸,令2011財政年總鮮
果串產量萎縮6.4%至70萬8千公噸,原棕油產量則跌7.6%至15萬1千公噸。

儘管如此,馬銀行研究認為,2011財政年首9個月種植業務對集團稅前盈利貢獻高達1億5千900萬令吉,料全年種植業務盈利將獲平均售價上漲25%進一步提振,而2012財政
年內部鮮果串產量則預計復甦至2010財政年水平。

檳城產業認購強勁
“檳城產業認購強勁,料2011財政年產業領域銷售將突破13億令吉,而怡保工程未來仍有發展總值高達193億令吉的潛在產業等待推介,儘管管理層未給出2012財政年銷售目標,但相信2013財政年在大型工程推介下扶持,將是表現顯著的一年。”

不過,馬銀行研究認為,怡保工程現有20.1倍本益比估值,以反映短期盈利潛能,維持其“持有”評級,目標價為6令吉50仙。

星洲日報/財經‧2011.04.26
http://biz.sinchew-i.com/node/46527

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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

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