- IJM Corporation’s wholly-owned unit, IJM Construction, has secured RM484.2mil worth of contracts from UEM Land for several jobs at the mixed development project Almãs at Puteri Harbour in Johor.
- The latest win will increase the group’s order book by about 7 percent from its current RM6.7 billion, which is among the highest in the sector.
- The contracts are for main building works involving structural, architectural, mechanical and electrical, associated external and landscaping works, which are expected to complete within 25 to 34 months.
Significance: Analysts have noted that while the firm was handling a large order book, it still has ample capacity take on larger jobs, including the mass rapid transit and expressway contracts. According to Bloomberg, 16 analysts have an equivalent of a ‘Buy’ rating on the stock while seven have the equivalent of a ‘Holding’ rating, with a 12-month target price of RM3.67.