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[公司专区] 3336 IJM 怡保工程

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发表于 2011-5-9 17:15 | 显示全部楼层
興業研究維持怡保工程財測不變

    大馬財經2011-05-09 16:36

(吉隆坡9日訊)怡保工程(IJM, 3336, 主板建筑組)以2千850萬令吉(4億1千萬盧比),收購在印度經營大道的Vijayawada大道公司(VTPL)的48.95%股權,使其在VTPL持股增至99.97%。


興業研究指出,鑒於投資規模僅有2千850萬令吉,料對怡保工程資產負債表和盈利影響不大,維持2011財政年淨利預測不變,但看好怡保種植(IJMPLNT, 2216, 主板種植組)和怡保置地(IJMLAND, 5215, 主板產業組)盈利前景,上調2012至2013財政年淨利預測5%至7%。
星洲互動‧2011.05.09

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发表于 2011-5-10 17:40 | 显示全部楼层
IJM Corp acquires additional 49% in Indian tollway

IJM Corp Bhd
(May 9, RM6.20)
Maintain buy at RM6.20 with fair value of RM7.74: We maintain our “buy” recommendation on IJM Corp Bhd with an unchanged sum-of-parts- (SOP) derived fair value of RM7.74.

Last Friday, IJM announced that its wholly-owned unit IJM Vijayawada (Mauritius) Ltd had entered into a share sale agreement to acquire 14 million shares representing a 48.9% stake in Vijayawada Tollway Pte Ltd.

Vijayawada Tollway is the concessionaire for the conversion of the existing four-lane Chilkaluripet-Vijayawada highway in Andhra Pradesh, India, into six lanes. The stretch measures 82.5km, from km355 to km434.15 of NH-5.

IJM has proposed to acquire the 48.9% stake in Vijayawada Tollway for RM28 million. This would lift its effective stake in the highway from 48.9% to 99.97%.
Vijayawada Tollway is just one of five highway concessions in IJM’s stable in India.

Together with a 20% stake the Gautami power concession, IJM’s infrastructure investments in India account for 96 sen per share or about 12% the group’s SOP value.

Pending further information on the time line of the acquisition, we maintain our forecast for now ahead of IJM’s upcoming FY11F results, due to be released on May 27. We estimate that the deal will lift IJM’s SOP value by nine sen per share or about 1.2%.

We are increasingly positive about IJM’s strategic positioning ahead of improving domestic contract flows in the coming months.

The group recently announced it could be at the forefront for capex works on two highways worth a combined RM5 billion — the West Coast Expressway and the New Pantai Expressway extension.

Based on its track record, we reckon that IJM would also be a leading candidate for other big-ticket jobs (for example the Klang Valley LRT/MRT works, Seremban-Johor Bahru double-tracking railway project, Langat 2 WTP).

Backed by an outstanding order book of RM4 billion, IJM is well on track to achieve a record order book in FY12F, potentially surpassing the previous peak of RM6.7 billion in FY07.

IJM remains our top large-cap pick on the back of a re-acceleration of contract flows in Malaysia. We have assumed the group will achieve RM3.5 billion worth of new contracts in FY12F against an estimated RM2.2 billion in FY11F. — AmResearch, May 9

http://www.theedgemalaysia.com/i ... indian-tollway.html

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发表于 2011-6-2 19:12 | 显示全部楼层
怡保工程增持印企股權
為印度併購案鋪路


02/06/2011 17:34

(吉隆坡2日訊)重心漸向印度的怡保工程(IJM,3336,主要板建築),再增持2印度公司的持股權,分析員認為,此舉是“戰術”,目的增大資產經營權的控制,若遇上併購案,即有更大自由度。

 怡保工程昨日宣佈斥資4640萬令吉,增持CIDB Imventures16.9%股權及Swarna Tollway17%股權,至95%和98.5%。

 CIDB Imventures是建築公司,持有Swarna Tollway30%股權,后者擁有2個大道經營權。

 怡保工程最近在印度的企業動作頻密,興業證券研究分析報告說,相信所有收購計劃都是“戰術運用”,旨在強化資產經營權的控制,隨而增加以后併購的自由度。

 分析員指出,基于投資市場已厭倦連串的舊消息,估計建築股的價格走勢將與大市一致,直到大型基建工程正式為相關公司帶來“初次”盈利,興業證券研究才會重新評估建築領域。

 興業證券研究維持怡保工程的“落后大市”評級,合理價6.12令吉。

 今日閉市時,收6.18令吉,起3仙,成交量193萬2000股。

http://www.chinapress.com.my/node/221850

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发表于 2011-6-24 22:54 | 显示全部楼层
怡保工程 競投40億印度公路工程

企業
24/06/2011 21:06

(新德里24日訊)11家公司入圍成本達40億令吉的印度跨州高速公司工程,來自大馬的怡保工程(IJM,3336,主要板建築)是其中之一。

 “馬新社”引述當地媒體報導指出,長遠555公里的高速公路從拉賈斯坦邦(Rajasthan)的吉申格爾(Kishangarh)開始,透過烏代浦爾(Udaipur)直達古吉拉特省(Gujarat)的阿默特巴德(Ahmedabad)。

 這項官民合營計劃的高速公路有6個車道,預計成為印度的地標高速公路工程。

 印度國家公路局官員說,目前已挑選11公司,以興建、營運、轉讓模式展開計劃。

 身為亞洲第三大經濟體,印度未來5年在國家公路發展計劃下,將建築3萬5000公里的高速公路,估計成本近600億美元(約1800億令吉)。

http://www.chinapress.com.my/node/228234

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发表于 2011-6-25 22:58 | 显示全部楼层
40亿令吉印度大道工程 IJM中选为竞标者
2011/06/25 5:58:39 PM
●南洋商报

(新德里25日讯)据印度当地的媒体报道指出,IJM(IJM,3336,主板建筑股)被遴选为总值40亿令吉的印度大型跨州高速大道工程的竞标者之一。

11财团参与工程竞标

据一位不具名的印度国家大道管理局官方人员透露:“目前已有11家财团参与工程竞标,上述工程将以建设经营转让模式进行。成功得标者料将负责上述工程的设计、融资、建设、营运和保养工作。”

报道指出,共555公里长的高速大道,横跨基珊加、斋浦尔、拉贾斯坦邦、阿默达巴德、古吉拉特和乌代布尔。

上述公共私营合作工程包含6条车道的建设工作,将会是印度最具代表性的高速大道工程。

另一方面,在国家大道发展计划的推动下,印度政府也计划在5年内打造共3万5000公里长的高速大道。

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发表于 2011-7-5 19:29 | 显示全部楼层
行家论股:IJM 负债低助承接工程
2011/07/05 5:58:50 PM
●达证劵研究

买入

目标价:7.65令吉

最新进展

据媒体报道,IJM(IJM,3336,主板建筑股)被遴选为总值40亿令吉的印度大型跨州高速大道工程的竞标者之一。

较早前,IJM也获得政府首肯,承建西海岸大道(West Coast Expressway),以及扩展新班底大道-安邦至吉隆坡路线。

盘点分析

我们认为IJM并不会积极争取印度的大道工程,主要是因为在印度的不愉快经历,在2012财年第四季为此出现减值亏损。

如果西海岸大道和扩展新班底大道路线-安邦至吉隆坡路线的工程,在10月1日获得政府落实和授权,比起印度工程,这两项工程的运作无论是时机或成本控制都比较安全。

此外,对于将公布轻快铁第二阶段延伸工程和捷运工程,相信IJM将会取得部分合约。

公司目前资产负债水平为0.45倍,创4年来的新低。因此,公司在进一步的改进和承接更多项目方面,应该不会面对难题。

05/07/2011 行情

闭市价:6.49令吉

起落:-1 仙

最高:6.58令吉

最低:6.41令吉

成交量:293万7800股

52周最高:6.82令吉

52周最低:4.91令吉

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发表于 2011-7-6 17:06 | 显示全部楼层
本帖最后由 klsehunter83 于 2011-7-6 17:09 编辑



技术分析 :
价格上扬 成交量维持在均线 最后三天连续增加 - 好迹象
MACD 突破0区域后继续上扬 - positive
RSI 超过70 - 强势状态
Stochastic > 80 - 短期超买

10D 20D 30D 50D均线 都向上扬拓展 显示上升通道
技术指标显示准备突破状态 , 价格将尝试RM6.60 阻力点 强力支持点于 RM6.20
搭配政府近来的建筑业利好消息 MRT LRT 将带动行业股价 潜在因素有

West Coast Expressway and the New Pantai Expressway extension
Klang Valley LRT/MRT works and the Seremban-Johore Baharu Double Tracking project.(RM2 billion)
Chilkaluripet – Vijayawada highway in Andhra Pradesh, India (82.5km)

4Q11 将会拨备RM1亿左右来cover 印度的 cost overrun & delay. 目前积极在国内发展业务以本地为主.

PE = 18x
ROE = 6.91%
Divident = 2.42%
NAV = RM3.75

IJM-WCinstrument Type : Warrants
Description : IJM-WC
Listing Date : 28/10/2009
Issue Date : 26/10/2009
Issue/ Ask Price : MYR 0.2500
Issue Size in Unit : 132,097,381
Maturity Date : 24/10/2014
Revised Maturity Date :
Exercise/Conversion Period Type : 5 Year(s)
Revised Exercise/Conversion Period Type : 0 Year(s)
Exercise/ Strike/ Conversion Price : MYR 4.0000   
Exercise/ Conversion Ratio : 1:1
RM6.5 - RM4 = 2.5 /1 = 2.5(也就是WC现在的价钱)maturity = 2014 如果看好IJM接下来的走势, WC是一个很好的杠杆 , 6/7/11  4.30pm RM2.45

http://klsehunter83.blogspot.com/2011/07/ijm-6th-july-2011.html

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发表于 2011-8-8 17:44 | 显示全部楼层
IJM Corp — the India connection      
  
IJM Corp Bhd
(Aug 5, RM6.12)
Maintain hold at RM6.28 with target price of RM6.50: Kitchen-sinking is complete and management sees no further provisions in India, we learnt during our site visit to IJM’s projects in India in mid-July. We nevertheless see little catalyst for IJM in India as competition for infrastructure construction remains stiff while the property and toll operations are not major contributors as yet. Contributions from India are small at 2%-3% of our earnings and RNAV estimates. We maintain our “hold” call and RM6.50 RNAV-based target price, which implies a CY12 PER of 17.5 times.

Having surprised with a loss for the construction division in 4QFY11, management does not envisage any more provisions, particularly in relation to collectibles on earlier jobs in India. Our forecasts have not imputed further provisions or write-backs.

IJM has RM770 million ongoing construction jobs in India, of which 78% relates to two projects — the six lanes of the Chilkaluripet-Vijayawada section of National Highway 5 in Andhra Pradesh, and four lanes of the Pune- Solapur section of National Highway 9 in Maharashtra. This is about 20% of IJM’s RM4 billion outstanding order book but we expect thin margins.

The National Highways Authority of India (NHAI) plans to award 7,000km to 8,000km of new roads per annum over the next two to three years, which at an average construction cost of about RM5 million per km, works out to about RM38 billion of potential new works each year. Competition for these jobs, however, continues to be stiff and IJM remains conservative in its pricing.

The group has 155 acres of landbank in India, which comprise two township developments that will sustain near-term earnings. Phase 1 of Raintree Park Hyderabad is completed and construction of the commercial mall and Phase 2 should commence soon. Phase 1 of Raintree Park Dwaraka Krishna should complete in a month, paving the way for Phases 2 and 3. Unbilled sales of RM85 million in India are small vis-à-vis the group’s RM1 billion.

At present, the toll road division of the group’s Indian operations is loss making. Losses nevertheless have narrowed with the build-up in traffic and management is looking to hold close to 100% stake in four of the five tollways for recurring earnings. — Maybank IB Research, Aug 5

http://www.theedgemalaysia.com/i ... dia-connection.html

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发表于 2011-8-16 17:59 | 显示全部楼层
IJM Corp expecting the expected      
  
IJM Corp Bhd
(Aug 15, RM5.90)
Maintain hold at RM5.81 with target price of RM6.30: During a recent meeting with the management of IJM, we found the group positive about construction in Malaysia and India. Its outstanding order book stands at RM3.8 billion and management has hinted at a good possibility of achieving a peak order book of about RM9 billion by end-2011. Two key potential jobs are the West Coast Expressway (WCE) and New Pantai Expressway extension, estimated to be worth about RM4 billion and RM1 billion.

IJM achieved a record RM1.47 billion in sales in FY11 and is now targeting to launch RM2 billion worth of properties in FY12. Three key projects slated to be launched are Sebana Cove in Pengerang (gross development value: RM1.4 billion), Canal City in Kota Kemuning (GDV: RM6 billion) and Light Commercial in Penang (GDV: RM4 billion).

We maintain our sum-of-parts (SOP) based target price of RM6.30, which implies FY13F price-earnings ratio of 16.4 times. We remain cautiously optimistic on the domestic construction scene and are slightly conservative in India as the competition for infrastructure construction remains stiff.

Recall that in April 2011, IJM was given the green light for two toll road concessions, the WCE and the NPE extensions. These two projects will boast its order book by at least RM5 billion, on top of the existing RM3.8 billion worth of construction jobs. Fortunately, both are fixed priced contracts, giving IJM the flexibility to factor in the expected higher cost of raw materials. Just like other construction players, we expect pre-tax margin to normalise from between 2% and 3% to 6% to 7% going forward, especially once the new jobs breach the 10% mark for profit recognition.

Out of the existing RM3.8 billion worth of jobs, RM3 billion are local, RM770 million are from India and RM100 million are in the Middle East. We would like to highlight that the bulk of the local jobs are relatively “fresh” as they were mainly bagged in 2009/10. Management thinks there are still ample opportunities in the local construction scene, largely aided by the projects pushed by the Economic Transformation Programme (ETP) such as the MRT project and LRT extension in the Klang Valley, infrastructure projects in Iskandar Malaysia, Johor, and projects in Sarawak.

We understand from management that India will continue to pose a high country risk despite the fact that the company already has a strong presence there. The National Highway Authority of India plans to award 7,000km to 8,000km of road jobs worth about RM35 billion during the next two to three years. However, exciting job prospects in India does not mean it will spice up the sentiment. We continue to believe that the competition will be stiff and IJM will be more cautious in terms of job bidding to avoid execution risk.

The five toll roads in India are slowly recovering (pre-tax loss of RM8 million in FY11 against RM22 million in FY10). We understand that toll roads in India will take twice the amount of time to break even (about six to seven years). Most importantly, management has guided that the kitchen sinking has been done in the previous financial year (mostly derived from receivables for the earlier Indian jobs) and they do not foresee any more provisions.

We understand that management remains positive about the property market. Despite being cautiously optimistic about the property market, we believe the Sebana Cove should benefit from the ongoing investment by Petronas in Pengerang. Canal City will also be a safe bet given that it is located in the matured Kota Kemuning township. In Penang, the 40ha Light Commercial project is currently being reclaimed. We gather from IJM’s management is likely to rope in a strong investor for its retail mall in order to enhance the value of its own surrounding developments. Most importantly, its unbilled sales of RM1 billion should provide clear earnings visibility for the next two years.

We have lowered our FY12 earnings by 10% after factoring in the latest job status and introducing new earnings forecasts for FY13/FY14. Do note that our forecasts are relatively conservative compared with consensus as we believe construction margins will remain at low levels till end-2011 (the majority of local jobs are still below the 10% threshold level).

Key risks to our forecasts are the timing of construction jobs, inflating raw material cost and take-up rates of property projects.

The share price should react positively to news flow of contract awards from the ETP-pushed projects such as the MRT project, infrastructure projects in Iskandar and Sarawak and the extension of existing port concessions. — UOBKayHian, Aug 15

http://www.theedgemalaysia.com/i ... g-the-expected.html

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发表于 2011-8-17 09:42 | 显示全部楼层
CIMB Research has Technical Sell on IJM Corp      
  
KUALA LUMPUR: CIMB Equities Research has a Technical Sell on IJM Corp at RM5.89 at which it is trading at a FY12 price-to-earnings of 15.9 times and price-to-book value of 1.6 times.

It said on Wednesday, Aug 17 that •IJM violated its triangle support in early August. Since then, prices have been trading in a lethargic mode.

“With the candles still hovering below its key moving averages, we think any rebound would be short-lived,” it said.

CIMB Research said the MACD histogram bars are falling at a slower pace while RSI too has hooked upward. Hence, prices could still rebound a tad higher.

“However, we think these are opportunities to unload on strength,” it pointed out.

The research house said prices may retest its key moving averages at RM6.20-RM6.28 but sustainability is a key concern here. On the downside, support is at RM5.60 and RM5.42.

It added that only a rise above RM6.30 would prompt it to review its call.

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

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发表于 2011-8-24 21:08 | 显示全部楼层
IJM Corp expects order book to reach RM9b      
  
KUALA LUMPUR: IJM CORPORATION BHD [] reported a stronger set of results in the first quarter ended June 30, with earnings at more than RM115 million while it expected its total order book to reach RM9 billion.

It said on Wednesday, Aug 24 that net profit rose 34% to RM115.03 million from RM85.74 million a year ago, underpinned by earnings growth in the CONSTRUCTION [] and industry divisions.

Revenue increased 4.8% to RM1.033 billion from RM986.08 million mainly due to the construction, industry, PLANTATION [] and infrastructure divisions.  Earnings per share were 8.51 sen compared with 6.43 sen.

Earlier, its managing director and chief executive officer Datuk Teh Kean Ming said IJM Corp had an order book of RM3.7 billion and expected it to increase substantially with its West Coast Expressway (WCE) and the New Pantai Expressway (NPE) expansion.

"Barring any unseen circumstances, we hope to see our order book to potentially come up to RM9 billion with the recognition of WCE and NPE extension projects," he said after the group's AGM.

The WCE and NPE jobs are estimated to be valued at RM4 billion and RM1 billion respectively.

He said IJM Corp would focus on local projects due to encouraging prospects for infrastructure initiatives under the Economic Transformation Programme.

IJM Corp had submitted a prequalification bid for the mass rapid transit project and it is teaming up with a foreign partner to bid for the non-tunneling portion as well.

Analysts have estimated the total MRT to be worth RM20 billion.

"We would focus on local projects rather than overseas. It is not conducive to take up any jobs in India at the moment due to the high interest rates and escalation of material costs," he said.

He added that IJM Corp has made the necessary provisions for its India projects in the fourth quarter ended March 31, 2011 and that should not be any more provisions for it.

"The provisions were done according to FRS139. But this does not mean we are writing off our debts. We would do the write-backs whenever we get our receivables for our project in India. But that would be no more write-offs," he said.

He said IJM Corp was also buying the minority stakes of two of its Indian toll concessionaires so it could realise its full potential earnings.

It currently holds a 35% stake in the Swarna tollway and a 49% stake in the Chilkaluripet-Vijayawada tollway.

"While these tolled roads are still loss-making (which is usual for new tolls), we expect higher returns to come as Indian toll tariffs are increased every year based on the country's inflation," he said.

http://www.theedgemalaysia.com/b ... -to-reach-rm9b.html

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发表于 2011-8-25 18:52 | 显示全部楼层
IJM sees potential RM9b order book     
  
KUALA LUMPUR: IJM Corp Bhd is positive on building up its construction order book for FY12 ending March 31 on the back of new infrastructure projects rolling out this year.

Its CEO and managing director Datuk Teh Kean Ming said after the group AGM yesterday that it currently has an order book of RM3.7 billion,  which could go up as high as RM9 billion given the prospective rollout of the West Coast Expressway (WCE) and New Pantai Expressway (NPE) expansion projects, “barring unforeseen circumstances”.

IJM Land’s order book reached a peak of RM6.7 billion in 2007.

The WCE and NPE jobs are estimated to be valued at RM4 billion and RM1 billion. Teh said the details of the NPE extension are expected to be finalised by end-October.

“By that time, we will have finalised all details including costs, and the land acquisitions that may be needed,” he said. IJM Corp subsidiary, New Pantai Expressway Sdn Bhd, was given the green light by the government in April to extend the NPE to the city centre.

He said IJM Corp would focus on local projects due to encouraging prospects given the infrastructure initiatives under the Economic Transformation Programme (ETP).

IJM Corp submitted a pre-qualification bid for the MRT project, and is partnering with a foreign player to bid for the non-tunnelling portion as well. Analysts have estimated the total MRT to be worth RM20 billion.


An aerial view of the New Pantai Expressway. Details of the highway extension are expected to be finalised by end-October.
Teh said construction pre-tax margins are expected to normalise to 6% to 8% from the current 2% to 3%.

On overseas projects, Teh said, “It is not conducive to take up any jobs in India at the moment due to the high interest rate and escalation of material costs.”

He said IJM Corp has made the necessary provisions totalling RM70 million for its India projects in 4QFY11 ended March 31, and does not see any more provisions for it.

“The provisions were done according to FRS139. But this does not mean we are writing off our debts. We will do the writebacks whenever we get our receivables for our project in India. There will be no more write-offs after this,” he said.

He said IJM Corp is also buying the minority stakes of two of its Indian toll concessionaires so it can realise its full potential earnings in the future.

It currently holds a 35% stake in the Swarna tollway, and a 49% stake in Chilkaluripet-Vijayawada Tollway.

“While these tolls are still loss-making [which is usual for new tolls], we expect higher returns to come as Indian toll tariffs are increased every year based on the country’s inflation. Given the country’s inflation, this will be good for us,” he said. Apart from the two tollways, IJM Corp also wholly owns the Rawa and Jaipur tollways in India.

Teh said there are no plans to privatise IJM Land. IJM Corp yesterday saw Tan Sri Abdul Halim Ali replacing Tan Sri Datuk Wan Rahman Wan Yaacob as chairman.

For 1QFY12 ended June 30, IJM Corp’s net profit rose 22.2% to RM160.8 million from RM131.55 million a year earlier.

In its filings with Bursa, IJM Corp attributed the rise to earnings growth in its construction and industry divisions and higher margins reported in its plantation and infrastructure divisions.

Revenue rose 4.7% to RM1.03 billion from RM986 million, while basic earnings per share (EPS) was 9.03 sen against 6.76 sen. Construction was the main contributor to the group’s revenue, contributing 31.2% or RM322.7 million. IJM Corp fell one sen to close at RM5.81 yesterday with 1.21 million shares done.

IJM Land Bhd and IJM Plantations Bhd recorded mixed results for their 1QFY12 ending June 30.

IJM Plantations’ net profit grew 66% to RM49.47 million from RM29.9 million a year earlier, due mainly to higher crude palm oil and palm kernel oil prices.

Its revenue grew 8.9% to RM123.35 million from RM113.26 million. EPS was 6.17 sen compared with 3.73 sen a year ago, while net assets per share was RM1.61.

In filings with Bursa yesterday, IJM Plantations said assuming that current palm oil sustains, it is expecting “a satisfactory level of profitability, barring unforeseen circumstances” for FY12.

IJM Land’s net profit fell 24% to RM40.7 million for 1QFY12, from RM53.5 million a year earlier. Revenue fell 31% to RM252.35 million from RM364.9 million a year earlier.

IJM Plantations climbed two sen to close at RM2.58 yesterday, while IJM Land closed one sen lower at RM2.50.

http://www.theedgemalaysia.com/i ... m9b-order-book.html

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发表于 2011-8-25 20:49 | 显示全部楼层
IJM首季净赚1.1亿
财经新闻财经 2011-08-25 11:52

(吉隆坡24日讯)截至今年6月30日首季,IJM(IJM,3336,主板建筑股)净赚1亿1503万令吉,比上财年同期的8574万令吉劲扬34.16%。

现财年首季营业额也微涨4.84%至10亿3379万1000令吉,上财年同期为9亿8608万6000令吉。

种植净赚4947万

另外,怡保种植(IJMPlnt,2216,主板种植股)也取得不俗的表现,现财年首季净赚4947万4000令吉,较上财年同期的2989万5000令吉猛弹65.49%。

现财年首季营业额也上扬了13.33%至1亿2835万1000令吉,上财年同期则报1亿1325万5000令吉。

置地净利跌24%

至于IJM置地(IJMLand,5215,主板产业股)的表现则较为逊色,现财年首季净利萎缩了23.88%至4075万8000令吉,上财年同期为5354万5000令吉。

现财年首季营业额也大跌逾30%至2亿5235万1000令吉,上财年同期报3亿6495万6000令吉。

http://www.nanyang.com/node/378441?tid=462

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发表于 2011-8-31 11:14 | 显示全部楼层
马来西亚版每日头条 – 25/08/11

怡保工程的订单将达90亿令吉

怡保工程(IJM Corp)手头上的订单为37亿令吉,并可能会在本财政年末(截至2012年5月31日)增至高达90亿令吉,而增幅将主要源于新班底高速公路(New Pantai Expressway)加建工程和西海岸大道(West Coast Expressway)项目总值50亿令吉的新订单。若90亿令吉的订单预测得以实现,这将打破公司在2007年所取得65亿令吉记录。公司将专注于国内市场,因为其在主要海外市场-印度-的业务成本较高。黄氏星展(HwangDBS)在最近的一份研究报告里指出,公司的潜在工程包括地铁蓝线非隧道工作(价值111亿令吉)及位于吉隆坡金融区(KL Financial District)、马来西亚橡胶研究中心(Rubber Research Institute Malaysia)和哥克林路(Jalan Cochrane)的项目。

启示:公司有信心在本地市场取得更多订单,并着眼于在未来取得经济转型计划下的许多大型基建项目

http://www.sharesinv.com/zh/articles/25444/

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发表于 2011-9-7 18:44 | 显示全部楼层
CIMB Research has Technical Sell on IJM      
  
KUALA LUMPUR: CIMB Equities Research has a Technical Sell call on IJM Corp at RM5.84 at which it is trading at a FY12 price-to-earnings of 15.8 times and price-to-book value of 1.6 times.

It said on Wednesday, Sept 7 that after violating the triangle support, IJM Corporation has been hovering below its key moving averages.

“The bulls seemed to be taking a breather here and we doubt any rebound would be strong,” it said.

CIMB Research said as near term gains are likely capped at RM6.00-RM6.22, its key moving averages, its strategy here is to unload on strength. On the downside, a break below RM5.66 would drag prices towards RM5.42 and RM5.20 next.

“Technical landscape remains weak. MACD signal line is still trading in the deep negative zone while RSI is below the 50pts mark. Only a rise above its 200-day SMA (now at RM6.25) would prompt us to review our call,” it said.

http://www.theedgemalaysia.com/b ... al-sell-on-ijm.html

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发表于 2011-9-14 10:18 | 显示全部楼层
傳優樂家獲西海岸大道合約‧怡保工程訂單可破90億
業績評論  2011-09-13 11:34

(吉隆坡12日訊)怡保工程(IJM, 3336, 主板建筑組)旗下持股22.72%聯號公司優樂家集團(KEURO, 3565, 主板建筑組),據傳將在10月杪和政府簽署價值60億令吉的西海岸大道15年特許經營權合約,分析員認為這對怡保工程是項正面消息,可望將訂單一舉推高至90億令吉新高紀錄。

優樂家股價逆市上揚
儘管利好浮現,怡保工程股價週一仍在大市低迷中以5令吉70仙閉市,跌13仙。優樂家則逆市上揚2仙,以1令吉零7仙掛收。
大馬研究指出,優樂家旗下子公司早在今年4月接獲相關大道發展批准信,而且被賦予6個月時間完成該大道計劃的技術及財務評估。“我們相信怡保工程可憑著其在國內和印度完成的數項高速大道計劃,成為這項工程的強力競爭者,而持有優樂家集團近23%股權,也是其競爭優勢之一。”
大馬研究相信,總值料超過40億令吉的西海岸大道建築工程,加上新班底大道(NPE)拓展工程,或讓怡保工程訂單一舉暴增50億令吉,在2012財政年累積90億令吉訂單。
此外,西海岸大道計劃也將帶動怡保工程旗下建築臂膀裕大(INDUSTRIAL CONCRETE)和採石業務需求;建議與優樂家集團聯營展開的60億令吉發展值“Canal City”產業發展計劃,也預料從中受益。

SOP估值料走揚4%
大馬研究認為,一旦怡保工程正式攫獲大道發展工程,綜合估值法(SOP)估值可望走揚4%至每股7令吉99仙,惟目前暫時維持財測不變。
2011財政年淨利料企於2億8千970萬令吉,2012年和2013年則分別為4億3千240萬和5億零650萬令吉。
益資利研究表示,怡保工程目前持有38億工程訂單在手,而且未入帳產業銷售達10億令吉,未來2至3年盈利展望清晰,若最終攫獲西海岸大道工程,將成為該公司“皇冠上的寶石”益資利說,有關工程料在2012下半年展開,預計計劃會在2013才正式作出盈利貢獻,維持短期財測不變。

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发表于 2011-10-3 19:04 | 显示全部楼层
Increase in portfolio raises IJM’s profile      
  
Getting its presence felt by launching more projects in various locations around the country has paid off for property developer IJM Land Bhd.

"I believe that the increase in portfolio has made us stronger and further established our brand name in recent years — we made our presence felt by launching projects all over Malaysia. Now we have projects spread out across the country such as Penang, Klang Valley, Negri Sembilan, Johor, Sabah and Sarawak,” said IJM Land managing director Datuk Soam Heng Choon at The Edge Property Excellence Awards 2011 last Thursday after receiving an award for being ranked among the top 10 of The Edge Top Property Developers Awards 2011.

IJM Land improved one rung to No 9 this year after having secured the last spot on  the top 10 last year when it made its maiden appearance.

"We (the board of directors and staff) are extremely thankful to have been given continuous recognition and support for our hard work," he said.

The group has seen robust growth in the past year. In FY11 ended March, IJM Land recorded a revenue of RM1.16 billion, a growth of 6% from the previous financial year.

Among IJM Land's projects are Riana Green, Laman Baiduri, Laman Granview, Ampersand@Kia Peng and PJ8 in the Klang Valley, Seremban 2 township in Negri Sembilan, The Light Waterfront and Platino in Penang, Nusa Duta in Johor and Bandar Utama in Sabah.


Soam receiving the award from Housing and Local Government Minister Datuk Wira Chor Chee Heung.
The group's new launches include Altitude 236 @ Bukit Manda'rina in Cheras, The Address at Bukit Jambul in Penang and Riana Green East Phase 2 in Wangsa Maju.

Currently, IJM Land has a sizeable landbank exceeding 4,796 acres with a gross development value exceeding RM18.9 billion. In FY12 the group will have 15 active projects with GDV totalling RM2 billion. They plan to focus on medium-range housing as well as large scale projects such as Phase 2 of The Light, Canal City in Kota Kemuning and Sebana Cove in Johor.

IJM Land, the property arm of IJM Corp Bhd, is the result of a merger of IJM Properties and RB Land in 2008.

http://www.theedgemalaysia.com/i ... s-ijms-profile.html

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发表于 2011-11-9 23:52 | 显示全部楼层
CIMB Research has technical sell on IJM at RM5.71      

KUALA LUMPUR (Nov 9): CIMB Equities Research has a technical sell on IJM Corp Bhd at RM5.71 at which it is trading at a FY 12 price-to-earnings of 17.8 times and price-to-book value of 1.5 times.

It said on Wednesday that similar to Gamuda, IJM has also rebouned back towards its previous support turned resistance levels of RM5.65-RM6.00.

“We would not be surprised if prices reverse and head lower from here. Both indicators still look fairly positive, suggesting that the rebound has not ended. Here, we would be sellers at a higher level as the upward momentum is still rising,” it said.

CIMB Research saidselling near the RM5.90 to RM6.00 levels would be preferable. Closing beneath the RM5.48 would likely increase the odds that prices are headed towards RM5.00 and below

http://www.theedgemalaysia.com/b ... n-ijm-at-rm571.html

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发表于 2011-11-25 19:46 | 显示全部楼层
IJM Corp 2Q earnings fall 35% to RM74.7m on-year on forex loss      

KUALA LUMPUR (Nov 25): IJM Corp Bhd reported a fall of 35% in its earnings to RM74.77 million in the second quarter ended Sept 30, 2011 from RM115.13 million a year ago as it was impacted by unrealised foreign exchange translation losses on US dollar loans.

It said on Friday, the forex losses were for the US dollar borrowings in the infrastructure division of RM32 million compared with unrealised forex gain of RM29 million a year ago.

The notes to the account showed the foreign exchange difference was RM20.04 million compared with a forex translation gain of RM14.49 million a year ago. Its tendering, selling and distribution expenses increased to RM34.12 million from RM24.34 million though administrative expenses declined to RM10.22 million from RM20.63 million a year ago.

However, the group’s property and industry divisions posted increased profits in tandem with higher revenues.

IJM Corp said its revenue rose 39.7% to RM1.097 billion from RM785.50 million while earnings per share were 5.45 sen compared with 8.55 sen. It declared an interim dividend of 4.0 sen a share, which was similar to a year ago.

For the first half, its earnings dipped 5.5% to RM189.81 million from RM200.87 million while its revenue increased 20.3% to RM2.131 billion from RM1.771 billion.

“The group’s profit before tax decreased by 1.6% mainly due to the forex translation loss of RM27 million in the current year compared to a gain of RM6 million in the previous year. However, the foreign exchange translation losses had been offset by the profits growth in industry and PLANTATION [] divisions,” it said.

On the prospects, IJM said the group’s CONSTRUCTION [] division’s performance was expected to improve as many of the group’s local projects are expected to gain momentum in the current financial year.

“Order book replenishment prospects remain encouraging. The group’s property division expects to sustain its performance in the current financial year on the back of strong unbilled sales in excess of RM1 billion,” it said.

IJM Corp said the group’s Industry division expected sales of building materials to increase in tandem with the expected growth in construction activity.

On the plantations division, it said assuming the current level of palm product prices would be sustained, it expected the plantation division to record a satisfactory level of profitability.

It added that its Malaysian tolling and port operations were expected to continue to provide steady revenue streams to the group’s Infrastructure division.

However, it cautioned that initial expensing of higher finance costs and amortisation of new toll concessions in India were expected to dampen its divisional results.

http://www.theedgemalaysia.com/b ... -on-forex-loss.html

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发表于 2011-11-25 21:37 | 显示全部楼层
外匯虧損 怡保工程淨利挫93%

25/11/2011 21:11

(吉隆坡25日訊)所有業務錄得更高收入,怡保工程(IJM,3336,主要板建築)截至9月底第二季,營業額按年揚升40%至10億9800萬令吉;每股派息4仙。

 但受外匯虧損影響,稅前盈利跌17%至1億6140萬令吉,淨利勁挫93%至7478萬令吉。

 怡保工程向馬證交所報備,在建築、工業、種植與基建業務帶動下,公司首半財年營運營業額按年增加20%至21億3200萬令吉。

 該公司房地產與工業業務表現標青,怡保工程置地(IJMLAND,5215,主要板房產)次季營業額按年增加38%,至2億9472萬令吉。同期稅前盈利增39%至5729萬令吉,淨利揚40%至4199萬令吉。

 怡保工程置地指出,旗下發展計劃工程進度改善,且認購率強勁,是獲利更高主因。該公司現有未進賬銷量超過10億令吉,預期本財年將錄得滿意業績。

 此外,更高原棕油和棕仁油銷量與平均價格,使怡保工程種植(IJMPLNT,2216,主要板種植)次季營業額增長35.4%至1億8090萬令吉。但淨利微跌0.96%至4688萬令吉;每股盈利報5.85仙。
http://www.chinapress.com.my/node/271950

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